People on Basic and New State Pension payments will be seeing an increase of 10.1% by next year. This means that 12.5 million older people across the UK will see an rise in the money they receive.
Over one-fifth (21.3%) of the Welsh population in 2021 were aged 65 years and over. In his autumn statement Chancellor Jeremy Hunt said that he would be honouring the Triple Lock rule which will now result in older people set for an income boost from April 2023.
Of everyone in the UK claiming a state pension, 10.1 million currently receive the Basic State Pension (up to £141.85 per week), 2.4 million receive new state Pension payments (worth up to £185.15 each week). Currently there are over 1.9 million people receiving less than £100 per week. The vast majority of these (just under 1.5 million) are women.
The Daily Record reported that in April 2023 payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 per week to £156.20. However, it’s important to bear in mind that to be eligible for any State Pension payment you must have at least 10 years’ worth of National Insurance Contributions and to receive the full amount, 35 years.
People receiving State Pension can opt to be paid either weekly or every four weeks - not to be confused with being paid monthly as the DWP makes 13, four-weekly payments each year over a 52-week period, which can result in two payments being made in the same calendar month. But most people refer to the four-weekly payment cycle as ‘monthly’ and that is the intention here, just to make it easier to understand the increased amount.
The Department for Work and Pensions (DWP) delivers State Pension payments and has shared the proposed list of payment rates from April 10, 2023 on GOV.UK here.
Below is everything you need to know about the increase to both sets of State Pension payments along with benefits older people may be entitled to.
Full New State Pension
You are eligible for the New State Pension if you are:
- a man born on or after April 6, 1951
- a woman born on or after April 6, 1953
New State Pension payment rates
- Weekly rate: £203.85, an increase of £18.70 from £185.15
- Four-weekly rate: £815.40, an increase of £74.80 from £740.60
Basic State Pension (Category A or B)
You are eligible for the Basic State Pension if you are:
- a man born before April 6, 1951
- a woman born before April 6, 1953
Basic State Pension payment rates
- Weekly rate: £156.20, an increase of £14.35 from £141.85
- Four-weekly rate: £624.80, an increase of £57.40 from £567.40
Widow’s Pension
- Standard rate: £139.10 (from £126.35)
Pension Credit
- Single: £201.05 (from £182.60)
- Couple: £306.85 (from £278.70)
Attendance Allowance
- Higher rate: £101.75 (from £92.40)
- Lower rate: £68.10 (from £61.85)
Carer’s Allowance
- April 2023 rate: £76.75 (from £69.70)
Disability Living Allowance / Child Disability Payment
Care Component
- Highest: £101.75 (from £92.40)
- Middle: £68.10 (from £61.85)
- Lowest: £26.90 (from £24.45)
Mobility component
- Higher: £71.00 (from £64.50)
- Lower: £26.90 (from £24.45)
Personal Independence Payment (PIP) / Adult Disability payment
Daily Living Component
- Enhanced: £101.75 (from £92.40)
- Standard: £68.10 (from £61.85)
Mobility Component
- Enhanced: £71.00 (from £64.50)
- Standard: £26.90 (from £24.45)
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