Overview

• Official ONS data show the typical retired household’s disposable income was £29,728 in 2023/24, £558 lower than in 2020/21, with gross income down £1,009 over the same period.
• The triple lock will deliver a 4.7% increase from April 2026, taking the full new State Pension to about £241 a week (roughly £12,535 a year), an annual rise of around £562.
• The higher pension rate will sit just below the frozen £12,570 personal allowance, pulling more retirees into tax and reducing the net benefit of the increase, experts warn.
• The DWP has reinstated Winter Fuel Payments for 2025/26, with letters going out in October and November and payments of £100–£300, subject to an income-linked clawback above £35,000 via HMRC.
• The State Pension age will be phased up from 66 to 67 between 2026 and 2028, affecting people born between 6 March 1961 and 5 April 1977, with a further independent review considering future changes.