ChancellorThe chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is a high-ranking member of the British Cabinet.https://en.wikipedia.org › wiki › Chancellor_of_the_Exchequer
The full rates for 2023/24 will be: £203.85 per week for the new State Pension (for those reaching State Pension age on or after 6 April 2016) – up from £185.15 in 2022/23. £156.20 per week for the basic State Pension (the core amount in the old State Pension system) – up from £141.85 in 2022/23.
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.
The CPI index for the year up to September 2022 was 10.1%, therefore an increase of 10.1% will apply to pensions in payment from 10 April 2023.
Triple lock rates 2023
If the triple lock is honoured in April 2023, it will see state pensions rise by the highest figure out of inflation, wage increases, or 2.5 percent taken from the previous September.
The latest change announced was a 3.1% rise which came in with the new tax year – starting on 6 April, 2022.
Older people are giving a sigh of relief, as the Chancellor has pledged to restore the triple lock in 2023, which will see a 10.1 per cent increase on state pensions and pension credit next April.
The government has committed to reinstating the triple lock for 2023-24. The move has understandably left many currently receiving the state pension confused as to what all of this actually means for their retirement income.
Possible boost to the basic state pension from April 2023
If benefits are uprated in line with inflation, the benefits that could see an 10.1% increase include: Attendance allowance. Employment and support allowance (ESA) Housing benefits.
Lower-income pensioners who claim pension credit will receive the money in addition to the £650 support for those on benefits. This means a small group of pensioners with disabilities will receive a total of £1,500.
MILLIONS on benefits including Universal Credit will receive a pay boost from April 2023. Benefits will rise in line with the consumer price index (CPI) level of inflation for September, which was 10.1%.
How much State Pension will I get? The full rate of the new State Pension will be £179.60 per week (in 2021/22) but what you will get could be more or less, depending on your National Insurance (NI) record.
What changes to the triple lock were announced in the 2022 Autumn Statement? In the 2022 Autumn Statement, the Chancellor confirmed that the triple lock will be reinstated from April 2023. This means the State Pension will rise in line with September's inflation rate – 10.1% – in the 2023-24 tax year.
It has been confirmed that the State Pensions and benefits will be increased by 3.1 percent next year.
Autumn Statement 2022: state pension to increase by a record 10.1% - Which? News.
Means-tested benefits claimants, including those receiving Pension Credit, Universal Credit and tax credits, will receive £900 in 2023-24 to help with the rising cost of living.
On the go: Chancellor Jeremy Hunt has confirmed that the pensions triple lock is to be protected. In the Autumn Statement, the government said the state pension and pension credit will rise in line with inflation in April 2023, an increase of 10.1 per cent.
The triple lock was suspended for 2022–23 after the COVID-19 pandemic led to an unusual 8% rise in earnings, but the government pledged to apply it for 2023–24.
This means the basic State Pension will increase to £141.85 per week and the full rate of new State Pension will increase to £185.15. The decision was enabled after The Social Security (Up-rating of Benefits) Act 2021 received Royal Assent last week.
Most people on a weekly social welfare payment will get a double payment in the week beginning 17 October 2022.
Introduction. If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
Basic State Pension
The full amount is £141.85 a week in the tax year 2022/23.
After the normal retirement age (NRA) reaches 67 for those attaining age 62 in 2022, increase the NRA by 3 months per year starting for attaining age 62 in 2023 until it reaches 69 for those attaining age 62 in 2030.
Secure income
The State Pension is guaranteed for life. You might also be due pension income from a former employer if you were in a defined benefit pension scheme. This will provide you with a regular income for life.
If you have never worked, and therefore never paid NI, you may still be eligible for the State Pension if you have received certain state benefits, for example carer's allowance or Universal Credit.