Andy Burnham and John Healey confirm bumper state pension payments

Andy Burnham and Chancellor John Healey have confirmed they will keep the UK’s “triple lock” state pension rule in place, meaning payments will rise again for millions of over-65s next year. The policy guarantees an annual increase based on whichever is highest among inflation, wage growth or 2.5%. That points to another substantial hike for 2026/27, with the exact figure to be set later this year. A study cited in the report suggests the full state pension could rise by more than £600 if last year’s wage growth figures repeat. The full state pension currently stands at £12,548, while the basic state pension is £9,615.