DWP confirms new state pension weekly and monthly payment rates from April
DWP confirms new state pension weekly and monthly payment rates from April
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Millions of state pensioners are poised for a payment increase this April. The state pension is subject to an annual rise each year under the triple lock promise. This ensures it increases by either inflation (based on the previous September's figure), wage growth (average increase between May and July), or 2.5% - whichever is the highest.
It was confirmed by the Chancellor last year that state pension payments will be boosted by wage growth - which sat at 4.1% - in April this year. However, how much your state pension payments will rise by is subject to which one you get. There are two types of state pension, determined by your birth date.
Men born on or after April 6, 1951, or women born on or after April 6, 1953, can claim the new state pension. Currently valued at £221.20 per week, or £11,502 annually. This will rise to £230.30 weekly, or £11,975 annually, from April. Those born before these dates can claim the older basic state pension, currently worth £169.50 per week, or £8,814 annually, set to increase to £176.45 weekly, or £9,175 annually, from April. Although your exact state pension amount depends on your National Insurance record.
For the new state pension, most people need 35 qualifying years on their National Insurance record to receive the full amount, and typically ten years to get anything at all. However, many pensioners may be liable for tax as the full new state pension nears the current £12,570 tax-free personal allowance.
