State Pension pay rates are going up next year. The Triple Lock rule has been honoured, with the much debated rule confirmed to be actioned during Chancellor Jeremy Hunt's Autumn Statement last month. 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. According to Nottinghamshire Live sister publication, Daily Record, of the overall total number of people in the UK claiming State Pensions, there are 10.1 million currently receiving Basic State Pension payments of up to £141.85 per week, compared to 2.4 million getting New State Pension payments, which are worth up to £185.15 each week. The statisitics also show more than 1.9 million people are receiving less than £100 per week in State Pension payments and just under 1.5 million of these are women.
April's increase will boost those on the full New State Pension from £185.15 per week to £203.85 and those on the Basic State Pension from £141.85 per week to £156.20.
