The DWP has posted the suggested list of payment rates
On April 6, 2023, new state pension rates are expected to come into effect in the UK.
The transitional arrangements that are currently in effect are scheduled to expire on April 5, 2023, and the new state pension was originally announced in April 2016.
Martin Lewis has urged anyone between the ages of 45 and 70 to review their state pension summary and their National Insurance record for any gaps.
If National Insurance contributions are made up, they may be eligible to receive the entire new state pension, which is now worth more.
It’s vital to keep in mind that you must have made National Insurance Contributions for at least 10 years to be eligible for any state pension payment, and 35 years to earn the entire amount.
Pension recipients have the option of receiving their payments weekly or every four weeks.
This should not be mistaken with receiving payments every month as the Department for Work and Pensions (DWP) can make up to two payments in a single calendar month out of the 13 four-weekly payments it makes annually during 52 weeks.
Nevertheless, the four-weekly payment cycle is commonly referred to as “monthly” and that is what is being done here to make it easier to grasp the larger amount.
The DWP has posted the suggested list of payment rates beginning April 10, 2023, online on GOV.UK.
You can find all the information you need on the rise in both sets of state pension payments as well as any additional benefits to which older people may be entitled below.
How to check your State Pension forecast
The government website allows you to examine your projected state pension amount.
The number of National Insurance payments a person has made or has accrued to their credit determines the amount they will get.
How to check your National Insurance record
A person’s National Insurance number may be used to access their National Insurance record on the government website.
To get their state pension, people must pay into the National Insurance system.
The usual waiting period for receiving a state pension is 10 years.
But, to be eligible for the new full state pension, a person must have 35 qualifying years.
Some people will be able to make voluntary payments to make up the difference if there are any gaps in their National Insurance record.
New pension rates for 2023/24
In 2023–2024, the basic and new state pensions will both receive increases following CPI inflation.
This comes when the “triple lock” on pensions was reinstated after being removed in 2022–2023.
Pension rates for 2023–2024 are as follows:
For those who turn 65 on or after April 6: an increase of £203.85 from £185.15
The basic state pension has increased from £141.85 to £156.20 per week.
According to CPI inflation, the Pension Credit standard minimum guarantee will rise by 10.1% to £201.05 for single claimants and £306.85 for couples each week.