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Rachel Reeves is set to confirm a major boost for millions of pensioners.

The new full state pension rate for 2026/27 is expected to rise by £575, based on latest wage growth figures.

The Chancellor will confirm the new rates at the Budget on November 26.

READ MORE: Rachel Reeves confirms £586 a month boost for Universal Credit claimants

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The full pension - paid to around five million people who retired after 2016 - is expected to go up to £12,548.

The older basic state pension is around £3,000 lower, though these people also get additional top-up payments.

The amount is determined by the triple lock policy.

This ensures the pension rises each year to match whatever is highest out of inflation, wag

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