The State Pension increases every April at the start of the new tax year. The amount it increases by is determined by the Pension Triple Lock. In this blog post, we’ll discuss the Pension Triple Locks determining factors, and what will happen to the State Pension in April 2026. We’ll also look at the sustainability of the Pension Triple Lock, and what you can do to lessen your retirement’s reliance on the State Pension.
What is the Pension Triple Lock?
The Pension Triple Lock was brought in by the Conservative-Liberal Democrat coalition government in 2011. The intention was to ensure the cost of living does not outpace the value of the State Pension. At the start of the new tax year, the State Pension increases by whichever of the three factors below is the highest:
1. The rate of inflation in the previous September, using the Consumer Price Index
2. The average increase in wages across the UK from the previous May to July
3. Flat rate of 2.5%
This means the State Pension escalates by a minimum of 2.5% annually.
State Pension age
The age when individuals are eligible for their State Pension has increased over time. The State Pension age is currently 66. This is set to rise to 67 between 2026 and 2028, affecting those born on or after 6th April 1960. It will rise further to 68 between 2044 and 2046, for those born on or after 6th April 1977.
Changes to future rises in State Pension Age are always possible. You can check your State Pension age on the government website.
In order to be eligible for the full State Pension, you will usually require 35 years of qualifying contributions to National Insurance. You can check your State Pension forecast on the government website. This information is very useful when planning for your retirement.
Changes to the State Pension in April 2026
As aforementioned, the State Pension increases by the highest of three factors. In September 2025, the Consumer Price Index rate was 3.8%. The average wage increase from May to July 2025, was 4.8%. As the highest of the three determining factors was the average wage increase, the State Pension will increase by 4.8% in April 2026.
For those receiving the new State Pension, they will see a rise of £574.60 per year, from £11,973 to £12,547.60. The weekly increase will be from £230.25 to £241.30 per week.
People who reached State Pension age before April 2016 will receive the basic State Pension. This will see a rise of £439.40 per year, from £9,175.40 to £9,614.80. The weekly increase will be from £176.45 to £184.90 per week.
The future of the Pension Triple Lock
There has been much discussion and speculation about the sustainability of the Pension Triple Lock. Independent economic think-tank, the Institute of Fiscal Studies has suggested that the Pension Triple Lock should be scrapped as part of a wider pension reform. This may have been in-part fuelled by the OBR’s report that the annual cost of the Triple Lock policy is estimated to reach £15.5bn by 2030.
Despite this, the Chancellor of the Exchequer Rachel Reeves has previously committed to the Triple Lock. She has stated that it will remain in place until the end of this Parliament. This will be in July 2029, if the Parliament runs its full course.
What you can do to lessen the impact of potential changes to the State Pension
For those that are still some time from receiving a State Pension, there is no guarantee of the amount you will receive. It is wise, therefore, not to solely rely on the State Pension to fund your retirement. Regardless of whether the Triple Lock guarantee is maintained, for many the State Pension alone will not provide sufficient income for the retirement you’re planning.
A private pension has greater growth potential* than a State Pension. The annual allowance for pension investment is £60,000, though this may be less if you earn less than this amount. Those earning over £200,000 will have a tapered annual allowance, reducing to a minimum of £10,000. You can find out more about the tapered annual allowance in our previous blog post. Even if you’re approaching retirement age, it is never too late to start investing in a private pension. The earlier you begin investing, the longer your money has to grow*, but any additional pension income will be better than relying solely on your State Pension.
Planning for your retirement is crucial, but it can be overwhelming. The Willday Wealth Management team can help. Our experts will discuss your retirement goals with you before putting together a portfolio of investments to help you achieve these goals. We’ll make sure your money is working hard for you in a tax efficient way, to help you have a financially secure retirement.
Contact our team by calling 0116 222 0119 or emailing hi@willdaywm.co.uk to begin the conversation.
* With investing, your capital is at risk and you may get less than what you invested.
