State Pensions could increase by more than £450 in 2026
The Bank of England (BoE) has predicted that inflation is set to reach four per cent by September, meaning pensioners could see their State Pension increase by the same amount next April.
The four per cent increase would take the full state pension to £12,451 a year, up from £11,973.
Anyone on the full basic State Pension who reached State Pension age before April 6, 2016, would get a £367 boost.
Pensioners could even be set for a bigger boost if current wage rates don't fall.
Growth in British average weekly earnings, excluding bonuses, held at 5.0% in the three months to June compared with a year earlier, the Office for National Statistics said on Tuesday.
Pensioners warned of 'incredibly cruel' scams
Fraud experts are warning pension savers across the UK to be on high alert, as scammers step up efforts to steal people's life savings.
Many of these criminals are deliberately targeting older adults who have worked hard to become mortgage-free or financially stable, making them feel confident enough to take a leap, only to watch their retirement funds vanish.
Siobhan Blagbrough, Financial Crime Manager at Ocean Finance, said: 'Pension scams are incredibly cruel.
'They punish people who feel like they've done everything right. People who have worked for decades, paid off their mortgage, and are finally looking ahead to retirement. Then a scammer shows up with a glossy investment pitch or offers early access to their pension, and before they know it, their savings are gone.
'We are seeing more of these cases and the tactics are becoming slicker. If anyone offers you a shortcut to your pension money or pressures you to make a fast decision, treat it as a red flag.
'There's no quick win when it comes to retirement savings, and once your pension is gone, there is very little chance of getting it back.'
How to protect your pension from scams
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Herald Scotland
an hour ago
- The Herald Scotland
Reeves pledges to tackle productivity challenge at autumn budget
'If renewal is our mission and productivity is our challenge, then investment and reform are our tools,' she wrote in an editorial for The Guardian newspaper. The Government's plans to cut red tape and shift responsibility away from councillors and towards expert officers are set out in its Planning and Infrastructure Bill, which is currently making its way through the House of Lords. Writing in the newspaper, Ms Reeves added that Labour's second year in power will be focused on 'building a stronger economy for a renewed Britain'. She wrote: 'Working people across Britain are striving and grafting, but they haven't had the tools they need for the job. They have not seen their incomes rise as a reward for their hard work. 'There is that sinking feeling that families and businesses across the country feel at the end of every month that they are working hard, but getting nowhere. 'There is nothing progressive – nothing Labour – about an economy that is not productive and does not reward those who contribute. 'Since I became shadow chancellor and then Chancellor, I have known that breaking this cycle will require our sustained effort across many fronts.' Ms Reeves also said her decision on tax rises would be set out in a 'responsible manner' at the budget, despite some already 'claiming to know' her plans. Her comments come as the latest gross domestic product (GDP) figures are set to be released on Thursday. In April this year, the economy saw the biggest monthly contraction since October 2023. Manufacturing activity had pulled back sharply amid a record drop in exports to the US following President Donald Trump's tariff hikes. Official figures showed gross domestic product (GDP) fell by 0.3% in April, compared with growth of 0.2% the previous month. Productivity was 0.2% lower in the first quarter of 2025, in comparison to the first three months of 2024, according to the Office for National Statistics. In July, Cabinet ministers were told to prioritise 'productivity-enhancing opportunities' when it comes to decisions on Government contracts. Ms Reeves and Cabinet Office chief Pat McFadden said in a letter that public procurement expenditure should boost 'British industry, jobs, skills, productivity'.
ITV News
an hour ago
- ITV News
Reeves pledges to tackle productivity challenge at autumn budget
Rachel Reeves has pledged to tackle the UK's productivity challenge at the budget this autumn. The Chancellor Reeves said investment in infrastructure projects and reform of the planning system form part of the Government's plans to boost the economy's productive capacity. 'If renewal is our mission and productivity is our challenge, then investment and reform are our tools,' she wrote in an editorial for The Guardian newspaper. The Government's plans to cut red tape and shift responsibility away from councillors and towards expert officers are set out in its Planning and Infrastructure Bill, which is currently making its way through the House of Lords. Writing in the newspaper, Ms Reeves added that Labour's second year in power will be focused on 'building a stronger economy for a renewed Britain'. She wrote: 'Working people across Britain are striving and grafting, but they haven't had the tools they need for the job. They have not seen their incomes rise as a reward for their hard work. 'There is that sinking feeling that families and businesses across the country feel at the end of every month that they are working hard, but getting nowhere. 'There is nothing progressive – nothing Labour – about an economy that is not productive and does not reward those who contribute. 'Since I became shadow chancellor and then Chancellor, I have known that breaking this cycle will require our sustained effort across many fronts.' Ms Reeves also said her decision on tax rises would be set out in a 'responsible manner' at the budget, despite some already 'claiming to know' her plans. Her comments come as the latest gross domestic product (GDP) figures are set to be released on Thursday. In April this year, the economy saw the biggest monthly contraction since October 2023. Manufacturing activity had pulled back sharply amid a record drop in exports to the US following President Donald Trump's tariff hikes. Official figures showed gross domestic product (GDP) fell by 0.3% in April, compared with growth of 0.2% the previous month. Productivity was 0.2% lower in the first quarter of 2025, in comparison to the first three months of 2024, according to the Office for National Statistics. In July, Cabinet ministers were told to prioritise 'productivity-enhancing opportunities' when it comes to decisions on Government contracts. Ms Reeves and Cabinet Office chief Pat McFadden said in a letter that public procurement expenditure should boost 'British industry, jobs, skills, productivity'.
The Independent
an hour ago
- The Independent
Plug-in hybrid owners wasting £70m a year by not charging smart
Get our weekly Drive Smart newsletter for motoring news, reviews and advice from EV editor Steve Fowler Get motoring news, reviews and advice from EV editor Steve Fowler Get our EV editor's weekly Drive Smart newsletter Email * SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice Sales of plug-in hybrid models has been rocketing in 2025, up 33 per cent year-on-year according to the latest car registration data. The earliest plug-in hybrid models would barely offer 20 miles of electric range, while today's models claim up to 90 miles of EV driving. However, new research by British designer EV charging point brand Andersen has revealed that many plug-in hybrid owners are missing out on big savings as they don't have smart charging at home. Andersen's research says that 21 per cent of PHEV owners don't have smart charging at home. With over 65 per cent of these people likely to have off-street parking, that means 118,000 PHEV owners are missing out on savings of nearly £600 a year, amounting to over £70 million a year in total. open image in gallery The new Omoda 9 plug-in hybrid claims a range of 93 miles on electric power alone ( Omoda ) Smart charging gives electrified car owners access to low-rate tariffs for charging their cars, often overnight, with prices at around 7p per kWh, over a third less than the standard electricity rate of around 25p per kWh. David Martell, CEO of Andersen EV, said, 'While growing numbers of battery electric vehicle (BEV) motorists have discovered they can save huge sums of money by having a smart home charging unit, many PHEV drivers have not taken heed of this opportunity and changed their charging behaviours. A smart home charger taking advantage of low-cost nighttime tariffs for EVs means paying just £0.07 per kilowatt-hour compared to around £0.25. 'PHEVs have evolved considerably over the past ten years. From typically having small batteries capable of 15 to 20 miles just a few years ago, today's PHEVs can have a battery range in excess of 70 miles with drivers able to run purely on electric for the vast majority of their weekly motoring. 'There is of course a cost involved in installing a smart home EV charging unit. Products such as our latest UK-manufactured Andersen Quartz can be installed by a professional electrician for around £1,100, so motorists will start to see a return on their investment in just two years. They will also benefit from faster and safer charging in the meantime.' Latest Society of Motor Manufacturers & Traders (SMMT) data shows that 124,528 new PHEVs have been registered in the UK so far this year. That means owners of new PHEVs in 2025 alone could make savings of more than £10.2 million over the next 12 months by taking advantage of smart charging.
