People reaching State Pension age in 2026 could receive up to £241.30 a week, following the latest annual increase introduced under the Government's triple lock policy. The boosted payments came into effect in April and will remain in place throughout the 2026/27 financial year, giving new retirees a maximum annual State Pension worth £12,547.
Those reaching State Pension age now will receive the New State Pension, while people who retired before April 2016 remain on the Basic State Pension, which is currently worth up to £184.90 per week, or £9,614 a year. The Department for Work and Pensions (DWP) pays the State Pension weekly, every two weeks, or every four weeks, depending on the payment schedule agreed when an individual first makes their claim.
Triple Lock Guarantee
The latest increase was delivered through the Triple Lock guarantee, which ensures State Pensions rise each year by the highest of average earnings growth, inflation measured by the Consumer Prices Index (CPI), or 2.5%. While the increase has boosted retirement incomes, it also means the full New State Pension now sits just £23 below the Personal Allowance threshold of £12,570, meaning pensioners with additional taxable income could find themselves liable to pay income tax.
The Personal Allowance has been frozen at £12,570 until April 2031, bringing more pensioners into the tax system as State Pension payments continue to rise. However, the Government has announced that HM Revenue and Customs (HMRC) will introduce new arrangements so pensioners whose only income is the State Pension will not have to complete a Simple Self Assessment tax return if their pension exceeds the Personal Allowance.
National Insurance Contributions
The amount of State Pension a person receives depends on their National Insurance contribution record. In most cases, around 35 qualifying years of contributions are needed to receive the full New State Pension, although the exact amount can vary for people who were previously contracted out of the additional State Pension.
New State Pension Rates for 2026/27
- Full New State Pension: £241.30 a week
- Four-weekly payment: £965.20
- Annual amount: £12,547
Basic State Pension Rates for 2026/27
- Full Basic State Pension: £184.90 a week
- Four-weekly payment: £739.60
- Annual amount: £9,614
Other State Pension payments also increased this year, with the Category B (lower) pension and Category C and D non-contributory pensions both set at £110.75 per week. The exact amount each pensioner receives will depend on their individual National Insurance record and personal circumstances.
