Overview
- Chancellor Rachel Reeves is due to set 2026/27 rates on Wednesday, 26 November, with the triple lock pointing to a 4.8% uprating from April.
- The full new State Pension would rise by about £575 a year to roughly £11,973, and the basic pension by about £440 to about £9,175.
- ONS data show average earnings up 4.8% in May to July, exceeding September inflation at 3.8%, so earnings govern the uprating.
- Forecasts suggest the full new State Pension could exceed the £12,570 personal allowance by April 2027, bringing more pensioners into tax sooner in some cases.
- Facing a reported £50 billion fiscal gap, the government is reported to be weighing a further freeze of income tax thresholds, which would strengthen the tax effect if adopted.