New state pension Payment rates set before this month's Autumn Budget

Approximately 12.7 million individuals over the State Pension age will discover how much their regular payments will increase in April, two weeks prior to Chancellor Rachel Reeves confirming the annual uprating during the Autumn Budget in Parliament on October 30. The Labour Government has pledged to uphold the Triple Lock, and the final component of this policy is set to be published by the Office for National Statistics (ONS) on Wednesday, October 16.

The New and Basic State Pensions rise annually under the Triple Lock, in line with whichever is highest between the average annual earnings growth from May to July (4%), the Consumer Price Index (CPI) inflation rate for the year to September, or 2.5 per cent. Additional State Pension elements and deferred State Pensions increase each year with the September CPI figure.

The August CPI figure was 2.2 per cent, while earnings growth stood at 4.0 per cent. Pension experts are now suggesting that it's highly unlikely the CPI will exceed the earnings growth rate, meaning the latter will be used to calculate the State Pension uprating for 2025/26.

Based on the latest earnings growth figure, those on the full New State Pension could see a weekly increase of £8.85, from £221.20 to £230.05. As payments are typically made every four weeks, this equates to an increase of £920.20.

This would result in annual payments rising by £460, from £11,502 to £11,962, over the 2025/25 financial year, reports the Daily Record.

Pensioners on the full Basic State Pension could see their weekly income increase by £6.80 per week from £169.50 to £176.30, equating to a bump of £705.20 over every four-week period.

How much an individual receives in State Pension is determined by the amount of National