State Pension pay rates are going up next year. The Triple Lock rule has been honoured, with the much debated rule confirmed to be actioned during Chancellor Jeremy Hunt's Autumn Statement last month. Recipients the Basic and New State Pension payments can now expect an increase in their monthly income from April, 2023.
What that means for the 12.5 million older people across the UK claiming the pension amount is an increase of 10.1% from Spring next year. According to Nottinghamshire Live sister publication, Daily Record, of the overall total number of people in the UK claiming State Pensions, there are 10.1 million currently receiving Basic State Pension payments of up to £141.85 per week, compared to 2.4 million getting New State Pension payments, which are worth up to £185.15 each week. The statisitics also show more than 1.9 million people are receiving less than £100 per week in State Pension payments and just under 1.5 million of these are women.
April's increase will boost those on the full New State Pension from £185.15 per week to £203.85 and those on the Basic State Pension from £141.85 per week to £156.20.
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However, as financial guru Martin Lewis has been advising, 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. Martin has previously stated that it is important for anyone coming up to retirement to check your national insurance record which will tell you how many years of full contributions you have and whether you have any gaps in your record. He advised: "If you are not yet at state retirement age, go to Gov.uk and look up your state pension summary".
The Department for Work and Pensions (DWP), which delivers State Pension payments, shared the proposed list of new payment rates expected from April 10, 2023 on GOV.UK here. Everything you need to know is detailed below for ease.
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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