Overview

• Official ONS data show the typical disposable income of retired households fell by £558 since 2020/21 to £29,728 in 2023/24.
• Pension rates for 2026/27 are confirmed under the triple lock, delivering a 4.7% increase worth about £562 a year for those on the full new state pension.
• The new annual rate sits within roughly £35 of the £12,570 personal allowance, increasing the likelihood that more pensioners will pay income tax due to fiscal drag.
• People on the pre-2016 basic pension receive lower weekly amounts and will see a smaller cash rise than those on the post-2016 new system.
• Industry and charity analysts warn pensioner living standards remain under pressure and question the long-term sustainability of the triple lock as incomes stagnate.