A string of financial changes will soon be implemented across the UK as we approach the new tax year.
One of the key things being affected this year are state pensions. Millions of retired people across the UK claim the state pension and many depend on it as their primary source of income.
Because of this, it's vital that you keep up to date with any changes to the state pension as this may have a direct effect on your personal finances. Here are all the changes being introduced to the state pension in the coming weeks...
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State pension triple lock
The state pension triple lock will make a comeback after being temporarily suspended last year. The government brought in the suspension due to discrepancies in earnings data stemming from the Covid pandemic - they also claimed that an eight per cent rise at the time was not affordable.
However, the triple lock will come back from April, with pensioners expecting a 10.1 per cent rise in line with September's 2022 CPI inflation rate. The triple lock helps to ensure that state pensions rise fairly each year, either by 2.5 per cent, inflation, or average earnings.
New state pension
The new state pension will also see a rise from April. Currently, it is £185.15 per week but this will soon increase to £203.85.
Those eligible for the new state pension include women born on or after April 6, 1953 and men born on April 6, 1951. Furthermore, to claim a new state pension, you often need 10 qualifying years of contributions, rising to 35 for those who want the full sum.
Some people may also get less than the complete new state pension if they were contracted out before April 6, 2016.
Basic state pension
The basic state pension will receive an increase alongside other types of pensions. The older scheme will rise from £141.85 to £156.20 per week.
You can claim for the basic state pension if you retired before April 6, 2016 - for a full claim, you may need around 30 qualifying years of contributions.
Married women's pension
Under this old scheme, women could get payments from their spouse or civil partner's National Insurance contributions, worth 60 per cent of the basic state pension rate. This will rise from £85 per week to £93.60 per week.
Over-80s pension
The over-80s state pension will rise from £85 per week to £93.60 per week. This pension is intended for those who receive a basic state pension that is currently less than £85 a week.
Additional state pension
Currently, there is no fixed amount for this pension and payments are often dependent on how long a contributor has paid National Insurance for, their earnings, and whether or not they were contracted out. However, the maximum sum people can receive is set to change from April 2023. It will increase from £185.90 to £204.68 per week for eligible individuals.
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