Younger state pensioners across the UK are set to receive up to £2,932 more in State Pension payments per year from April thanks to the triple lock.

Chancellor Rachel Reeves confirmed a 4.8% increase to both the basic and new State Pension in the 2026/27 tax year, which will give retirees an extra boost of cash. The amount the State Pension increases each year is determined by whichever is the highest out of three factors – known as the ‘triple lock’. These are the consumer price index (CPI) measure of inflation (measured for September in the previous year), average wage growth between May and July of the previous year, or 2.5%. As average wage growth was the highest figure out of the triple lock factors at 4.8%, above inflation and the 2.5% minimum floor for increases, this is the amount that State Pension rates will rise by from April 2026.

But as the UK’s State Pension system is split into two different schemes – basic and new – not all pensioners will be paid at the same rate.

The 4.8% increase means that younger pensioners who qualify for the new State Pension are set to receive up to £241.30 per week from April, which amounts to £12,547.60 per year if you get the full rate.

You can claim the new State Pension when you reach State Pension age if you’re a man born on or after April 6, 1951, or a woman born on or after April 6, 1953. But those who are older and born before these dates get the basic State Pension instead, which is paid at a lower rate.

Pensioners who get this State Pension can get up to £184.90 per week from April, which amounts to £9,614.80 per year if you get the full rate.

It means that younger pensioners who qualify for the new State Pension can get up to £2,932.80 more per year than older retirees on the basic pension scheme.

Announcing the 4.8% increase to State Pension rates in her Budget speech, Ms Reeves said: “I am increasing the basic and new State Pension by 4.8%, an increase of £440 per year for the basic State Pension and an increase of £575 per year for the new State Pension in line with our commitment to the triple lock.”

According to UK Parliament, an estimated 8.57 million pensioners were claiming the basic State Pension in the 2024/25 tax year, while only 4.38 million were new State Pension claimants. As the vast majority of pensioners get the basic State Pension, it means around 8.57 million are set to miss out on up to £2,932.80 annually when the new rates take effect.

But age isn’t the only factor in determining which State Pension you get, with everyone who is eligible for the basic State Pension having already reached State Pension age, but how much money you get also depends on your National Insurance record.

The DWP says if your National Insurance record started after April 2016 then you will need 35 qualifying years to get the full rate of the new State Pension.