Basic state pension new triple lock blow – 8 million won’t get full £489 hike | Personal Finance | Finance
The state pension triple lock is great but works better for some than others (Image: Getty) The triple lock is expected to deliver a 3.9% increase in April 2027, based on earnings growth in the three months to July. The September inflation figure came in lower at 3.5%, so the earnings element holds sway. That should lift the full new state pension by £489.36 a year to £13,036.96. Sadly, it’s not quite that simple. It never is, with the state pension. There are two state pensions, and the other one pays considerably less. People who reached state pension age before April 6, 2016, receive the old basic state pension. Its full rate is currently £9,614.80 a year. A 3.9% increase will add just £374.98, taking it to £9,989.78. That’s £114.38 less than the increase enjoyed by someone receiving the full new state pension. The gap between the two full rates will widen from £2,932.80 to £3,047.18 a year. It’s a longstanding source of frustration and I highlight it every year, because readers ask me to. …







