The State Pension could rise by more than £400 this…

The changes would take the full state pension to around £12,000 in 2025/26, following the £900 rise in 2023.

Pre-2016 pensioners who may be eligible for the secondary state pension could see an increase of £300 a year.

The new state pension system was introduced in 2016 to provide a sustainable and clear basic pension for people to build their private savings.

Any decision on increasing the pension will be made by the Secretary of State for Work and Pensions, Liz Kendall, before the Budget in October. Chancellor Rachel Reeves on Monday reaffirmed the government’s support for the triple lockdown until the end of this parliament.

The report comes amid backlash over the government’s decision to scrap winter fuel allowance for most households.

Analysis published last week showed that only around half of people who received the new state pension last year were getting the full weekly amount – and around 150,000 were on less than £100 a week.

Royal London said 1,737,342 of the 3,407,567 people who received the new pension received their full weekly amount last year.

She did the calculations using Department for Work and Pensions data from spring 2023.

The full state pension for 2024/25 is £221.20 a week, up from £203.85 last year.

The Treasury has been contacted for comment.

By Jessica Coates and Vicky Shaw