Overview

• From April 2026, the full new State Pension will rise by about £562 to roughly £12,535 a year (£241 a week) under the triple lock.
• The uplift brings the pension to within about £35 of the £12,570 personal allowance, meaning many more pensioners will become liable for income tax under frozen thresholds.
• Winter Fuel Payments return from November with £200 for most recipients under 80 and £300 for those 80 and over, with eligibility linked to incomes up to £35,000 and HMRC set to reclaim sums from those above the limit.
• ONS figures show the typical retired household’s disposable income was £29,728 in 2023/24, down £558 a year compared with 2020/21, with median gross income also lower than three years earlier.
• The State Pension age will be phased up from 66 to 67 between April 2026 and April 2028, and the government has commissioned an independent review to inform future age decisions as wider welfare changes raise Universal Credit’s core rate from 2026.