State pension '£560 worse off' update over change to payments

State pension '£560 worse off' update over change to payments Major changes to the state pension are coming in right now Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email Copy Link Link copied Add us as preferred source Comments By Nicholas Dawson , Finance Reporter 14:28, Sat, Oct 24, 2026 Updated: 14:30, Sat, Oct 24, 2026 State pension payments currently increase each April in line with the triple lock (Image: Getty) Retirement experts have warned that state pensioners face "greater strain" on their quality of life as the triple lock is removed . Concerns have been raised about moving to a less generous state pension increase, as the DWP benefit is already "well short of providing a good standard of retirement". Prime Minister Andy Burnham announced recently that from 2029, the triple lock will be changed. Under the current rules, your state pension increases each April in line with whichever is highest of three measures: the rise in average earnings, the rate of inflation or 2.5 per cent. Article continues below ADVERTISEMENT Triple lock changes But in a few years' time, the earnings measure will be scrapped, although Labour says that the state pension will still keep track with the increase in earnings over time. The state pension is expected to increase 3.5 per cent , in line with the September inflation measure announced recently Get personal finance news, money saving tips and advice plus selcted offers and competitions I would like to receive emails from the Daily Express featuring our latest products, services, offers, and promotions from across the Reach Plc family . Subscribe Invalid email You agree you are 18 or over. We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. You can unsubscribe at any time. More Info . Bob Tronson, head of pensions at InvestEngine , said that the earnings measure has had a "significant impact" in delivering substantial increases to the state pension. He said: "Since the triple lock was introduced, the earnings figure has determined the majority of increases to the basic state pension and two of the three largest increases, including a huge 8.5 per cent rise in 2024." 'Greater strain' Given this importance of the average wages hike metric historically, losing out on it going forward is a worrying sign for pensioners. Mr Tronson said: "Removing the triple lock puts greater strain on people's quality of life in retirement. Had the Government excluded the earnings metric from pension calculations and instead settled on a double lock in 2010, someone receiving the full basic state pension would be £560 a year worse off today, while the full new state pension would be £688 lower." Article continues below ADVERTISEMENT Ensure our latest DWP headlines always appear at the top of your Google Search by making us a Preferred Source. Click here to activate or add us as Preferred Source in your Google search settings. Article continues below ADVERTISEMENT He also shared some thoughts for those planning for their retirement: "The state pension already falls well short of providing a good standard of retirement on its own. Moving to a double lock will make it even more important for those still in work to start building their own retirement savings early, whether through a workplace pension or self-invested personal pension (SIPP), rather than relying on the state pension alone." Martin Lewis issues new Blue Badge update to drivers after rule change | Personal Finance | Finance | Express.co.uk State pension age warning issued to anyone aged 55 and under Other changes to the state pension State pensioners may want to make a note of some important changes to the state pension rules that are coming in imminently: State pension age increase - The age you can access your state pension is gradually move up from 66 to 67. This is happening in stages, with the process starting back in April 2026 and finishing by April 2028. Also on April 2028, the age you can access your private pensions will move up from the current 55 to 57 New tax exemption - The Government is bringing in a new policy so that people whose only income is the state pension, without any additional amounts through the scheme, will not pay income tax on their payments. Ministers are expected to provide more details about how this will work at the Autumn Budget, on Wednesday, October 28. State Pension DWP Triple lock Retirement Retirement Age Benefits Labour Party Andy Burnham Share Article Share Article Facebook X LinkedIn Reddit Bluesky Email Copy Link Link copied Add us as preferred source Comments