People of State Pension age living on their own could be due £200 per week from April.
State Pension payments are set to rise by 10.1% for approximately 12.6 million people across Great Britain, with the increase aiming to reflect the rising cost of living.
The rate for a single pensioner is due to increase to £201.05, rising by £18.45 from £182.60. Meanwhile, the figure for a couple will stand at £306.85, up by £28.15 from £278.70.
At present, 9.7 million people are receiving Basic State Pension payments of up to £141.85 per week, with 2.7 million on the New State Pension comprised of £185.15 each week. In April, these figures will rise to £156.20 and £203.85 per week respectively.
Men born on or after April 6 1951 or women born on or after April 6 1953 are eligible to claim the new State Pension, whilst those that reached State Pension age before April 6 2016 receive the basic State Pension.
Elsewhere, the DWP has announced a new series of cost of living payments for 2023/24. Pensioners already receiving either a Basic State Pension or a New State Pension are eligible for these benefits, comprised of £150 for those on disability benefits, £300 for eligible pensioner households and a £900 means-tested cost of living payment.
Those eligible for the £900 payment will receive their money in three instalments over the next financial year, with the first - £301 – due in the spring. All in all, these extra benefits could see claimants boosting their funds by up to £1,350 in additional support.
However, recent findings identified a ‘pension gap’ that placed white British people above their Black and Asian counterparts in workplace pension contributions. Though separate from the State Pension, workplace pensions provide a valuable boost to retirement funds, comprised of employer and employee payments.
In February 2023, The Social Market Foundation (SMF) think-tank found that Black and Asian people are less likely than white Britons to contribute towards a pension scheme.
Urging ministers to act, its findings unearthed that just 25% of people from ethnic minorities have a workplace pension. Meanwhile, the national rate rests at 38%.
Pension Credit eligibility can be checked either through the UK Government’s calculator or by calling the helpline on 0800 99 1234.
