The Treasury expects the new full State Pension to be increased above inflation by over £400 a year in cash terms, due to the Triple Lock.
The full state pension for men who retired since 1951 and women since 1953 is projected to reach around £12,000 in 2025/26 after last year’s £900 increase.
Chancellor Rachel Reeves reiterated the government's backing for the Triple Lock until the end of this Parliament, emphasizing its commitment despite its costly implications.
Campaigners highlight that despite the pension increases, hundreds of thousands of pensioners, particularly in rural areas, will still face poverty and lose winter payments.
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