Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Liverpool Echo
Liverpool Echo
World
Lottie Gibbons

State Pension increase confirmed as DWP payments could rise by £870

The Chancellor said he will increase state pensions in line with inflation, potentially increasing the New State Pension up by £18.70 a week.

Setting out his Autumn statement, Jeremy Hunt confirmed the "biggest ever cash increase in the state pension".

You’ll be able to claim the new State Pension if you’re a man born on or after April 6 1951 or a woman born on or after April 6 1953.

READ MORE: Mum 'stressed beyond belief' as dream garden turns into 'absolute mess'

The earliest you can get the new State Pension is when you reach State Pension age. If you reached State Pension age before April 6 2016, these rules do not apply. Instead, you’ll get the basic State Pension.

A 10.1% rise - costing £11bn - will likely take the New State Pension up by £18.70 a week, from £185.15 to £203.85. The rise will be worth £870 over the year, according to the Mirror.

Mr Hunt also announced the government is sticking to its “triple lock” on the state pension.

The 'triple lock' rule means the state pensions must rise each year in line with the highest of three possible figures, inflation, average earnings or 2.5%

He told the Commons: "In the face of unprecedented global headwinds, families, pensioners, businesses, teachers, nurses and many others are worried about the future.

"So today we deliver a plan to tackle the cost-of-living crisis and rebuild our economy.

"Our priorities are stability, growth, and public services.

"We also protect the vulnerable because to be British is to be compassionate and this is a compassionate Conservative government.

READ NEXT:

Love Island's Luca Bish appears to take subtle dig at Gemma Owen in break-up post

Teen beaten to death in internet café after gang 'called in' by boy, 14

Friends served chicken nuggets for breakfast on 'five star' TUI trip

Taxi driver 'knew something was wrong' after question to Liverpool hospital bomber

Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.