Everyone born between two dates is set for a boost to their state pension worth over £550 a year.

That’s because the Triple Lock forecasts reveal that right now, the benefit is set to increase by five per cent next year, reports Express.co.uk.

The new state pension was brought in back in 2016 and applies to all men born after April 5, 1951 and women born after April 5, 1953.

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Everyone who gets the State Pension will be issued another £598 a year thanks to the Triple Lock, according to the latest figures.

The DWP has to up the amount handed out to those who receive the state pension each year thanks to the ‘Triple Lock’ system, which enshrines in law that everyone who is eligible for the handout from the Department of Work and Pensions must see an increase each year, either level with inflation, wage growth or by 2.5%, whichever is highest.

And the latest Consumer Price Index figures for April to June – suggest that it could be a handy 4.6% rise for pensioners per year if the same wage growth holds up.

That’s down slightly from last month’s figures, where the ONS recorded the year-on-year wage growth as 5% for March to May.

The CPI’s latest figures, released by the ONS this month, state: “Annual growth in employees’ average earnings was 5.0% for regular earnings (excluding bonuses) and 4.6% for total earnings (including bonuses).

If the same wage growth figures were maintained until September, when the Triple Lock calculation is carried out, it means pensioners would be given a 4.6% boost to their pensions next year.

Aaron Peake, personal finance expert at CredAbility, explained: “Right now, earnings growth is slightly ahead of inflation, so that’s the frontrunner for determining the rise in 2026.

“If we take current wage growth figures…that’s the ballpark for next year’s state pension increase.”

Right now, the full state pension is set at £11,973 per year, so a 4.6% increase would add £550.76 per year to pensions, taking the weekly payments from their current £230.25 per week to about £237.38 per week, or £12,343 per year in total.

Notably, this keeps state pension payments below the £12,500 threshold for income tax, so a state pensioner with no other savings, income or private pension of any kind would not pay any tax on their state pension alone.

The triple lock will be calculated for 2026 based on May to July wage growth and inflation, so it’s possible it could still change.

Given the nature of the system, the boost will be a minimum of 2.5%, or £299.33 extra per year for full new state pensioners.

However, if wage growth or inflation are above that number, they will instead be used for the calculation (whichever is highest).