Recipients of both Basic and New State Pensions will see substantial increases to their weekly and monthly awards as of April this month, as 12.5million elderly people have their pots boosted by 10.1 per cent.
The Government's Triple Lock Rule was confirmed in November 2022, and it means that older people will see income surges of up to £75 each month as of the spring.
As it stands, there are around 10.1million Britons claiming Basic State Pension payments in the region of £141.85 or lower - with 2.4 recipients of the New State Pension, awarding up to £185.15 a week.
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The Daily Record reports that worryingly though, there are over 1.9 million people receiving less than £100 per week in State Pension payments and just under 1.5 million of these are women.
By honouring the State Pension Triple Lock, it means those on the full New State Pension will see 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 note 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 choose to be paid either weekly or every four weeks - not to be confused with being paid monthly as the The Department for Work and Pensions (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 DWP 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 also 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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