UK state pension set for 3.9% rise in April 2027

The UK state pension is projected to rise by 3.9% in April 2027, based on provisional wage growth data published by the Office for National Statistics on Tuesday. The increase, which would be the highest of the three metrics under the government's triple lock guarantee, would lift the full new state pension from £241.30 to approximately £250.70 per week. The triple lock mechanism ensures the pension increases each year by the highest of 2.5%, inflation, or average earnings growth. The ONS data showed that average weekly wages grew by 3.9% between May and July, the period used for the calculation. This figure is expected to be the determining factor, as the Bank of England forecasts inflation will peak at around 3.2% later this autumn. For pensioners on the older basic state pension, introduced before April 2016, the payment is set to rise from £184.90 to £192.10 per week. This represents an annual increase of approximately £374.60. The full new state pension would see an annual rise of about £488.80. The final rate is not yet confirmed.