State pension ‘to rise by £400’ – observe newest

Pensions could rise by more than £400 per year, according to new figures.

The Treasury’s internal working calculations reportedly show that the full state pension could increase as a result of April’s triple lock. 

Changes would take the full state pension to around £12,000 in 2025/26, after the £900 increase in 2023. 

Pre-2016 retirees who may be eligible for the secondary state pension under the old system are also expected to see a £300 per year increase to £9,000 in 2025/26, according to internal working calculations seen by the BBC.

The final decision on pension increases will be made by Liz Kendall, Pensions Minister, ahead of October’s budget.

It comes after Rachel Reeves on Monday reaffirmed the government’s backing of the triple lock until the end of this Parliament.

The Treasury has been contacted for comment.

Read the latest updates below.