DWP State Pension up to £241 a week for anyone retiring this year - full list of rates
Millions of people are receiving more money following an increase in pension payments in April - here is what new retirees can expect to receive from this year
Millions of people across the UK are being made aware of the current State Pension rates if they are expecting to retire this year. Older people are now receiving increased payments following a rise in pension rates in April for the New and Basic State Pension that will continue until April 2027.
Those retiring this year will be entitled to the New State Pension, which provides up to £241.30 per week whilst those who retired before April 2016 are paid the Basic State Pension, valued at up to £184.90 weekly.
The Department for Work and Pensions (DWP) distributes the payments on a weekly, fortnightly or four-weekly basis - the frequency depends on the payment schedule agreed when an individual claims their pension.
Through the Triple Lock mechanism, the New and Basic State Pensions rise annually in accordance with whichever is greatest amongst the average annual earnings growth from May to July, the CPI inflation rate in the year to September, or 2.5 per cent.
Additional State Pension components and deferred State Pensions increase each year based on the September CPI figure. For money-saving tips, sign up to our Money newsletter here
The full New State Pension has risen by approximately £574 to £12,547 throughout the 2026/27 financial year.
However this leaves £36 before the Personal Allowance income threshold of £12,570 is breached, which could result in more pensioners with any supplementary income paying tax during retirement.
The UK Government has recently announced that new arrangements will be implemented by HM Revenue and Customs (HMRC) this year to guarantee pensioners whose only income is the State Pension will not be required to complete a Simple Self Assessment tax return if their payment pushes them above the Personal Allowance threshold of £12,570, reports Chronicle Live.
This is due to the Personal Allowance remaining frozen at £12,570 until April 2031.
The State Pension amount someone receives is determined by their National Insurance contributions. To qualify for the full New State Pension you require roughly 35 years' worth, though this may vary if you were 'contracted out'.
New State Pension payment rates for 2026/27
Full New State Pension
- Weekly: £241.30
- Four-weekly pay period: £965.20
- Annual amount: £12,547
Full Basic State Pension
- Weekly: £184.90
- Four-weekly pay period: £739.60
- Annual amount: £9,614
Other State Pension rates
- Category B (lower) Basic State Pension - spouse or civil Partner's insurance: £110.75
- Category C or D - non-contributory: £110.75
Complete details on Additional State Pension, Widows Pension, increments and Invalidity Allowance can be accessed on GOV.UK.