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The triple lock boost is set to give up to £575 extra per year for new state pensioners with a full National Insurance record.

It was confirmed that the triple lock is set to give up to a maximum £575 increase to new state pensioners from April 2026 for those with a full National Insurance record, because the key average earnings figure was confirmed at 4.8%, which is higher than inflation and, of course, higher than the 2.5% minimum floor for increases.

Therefore, state pensioners born in these years: on or after April 6, 1951 for men or April 6, 1953 for women, will be eligible to collect the new state pension when they reach state pension age, currently 66 (though this is due to begin rising to 67 for some state pensioners after April).

Older state pensioners, who hit state pension age before 2016, will also get the same 4.8% boost to their basic state pension, but the basic pension is set at a lower weekly amount, so the end result is a lower total increase, not including any Additional Pension (AP) payments like SERPS or State Second Pension. Older state pensioners will see their basic payments increase from £176.45 to approximately £184.92 for those with a full National Insurance record, while new state pensioners will see theirs rise from the current £230.25 to £241.30 per week.

Crucially, both of these will still be below the £12,570 Personal Allowance threshold for income tax, though new state pensioners' total annual income, at £12,547, is mighty close to the threshold.

There has been no change to the tax rules for state pensioners, who have always been liable to pay tax even after collecting their state pension, but those who do not have any other income or savings in 2026 will not pay tax on their state pension income alone, unless they are older pensioners with AP payments which take them above the threshold.

On top of this, Rachel Reeves confirmed that new state pensioners won't be made to pay tax on their state pension payments in future when the triple lock exceeds the £12,570 threshold. That's because the government is putting in place a special exemption for state pensioners who have no other income apart from the basic state pension payments.