Basic and New State Pension payments will increase next year by 10.1% after weeks of uncertainty for nearly 12.5 million older people across the UK. The Department for Work and Pensions (DWP) had declined to commit to whether the Triple Lock rule would return for the 2023/24 financial year after a temporary pause due to the economic fallout from the coronavirus pandemic.
However, in his Autumn Statement, Chancellor Jeremy Hunt confirmed State Pensions, disability and working age benefits would increase in line with the September Consumer Price Index (CPI) inflation rate of 10.1%. The rise will be implemented from April 10, 2023.
By honouring the State Pension Triple Lock it means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 per week to £156.20.
People receiving State Pension can choose to be paid either weekly or every four weeks - not to be confused with being paid monthly as the DWP makes 13, four-weekly payments each year over a 52-week period, which can result in two payments being made in the same calendar month.
The UK Government shared the new State Pension payment rates on GOV.UK shortly after the Autumn Statement was delivered to Parliament.
State Pension payment rates 2023/24
Full New State Pension
You are eligible for the New State Pension if you are:
- a man born on or after April 6, 1951
- a woman born on or after April 6, 1953
New State Pension payment rates
- Weekly rate: £203.85, an increase of £18.70 from £185.15
- Four-weekly rate: £815.40, an increase of £74.80 from £740.60
Basic State Pension (Category A or B)
You are eligible for the Basic State Pension if you are:
- a man born before April 6, 1951
- a woman born before April 6, 1953
Basic State Pension payment rates
- Weekly rate: £156.20, an increase of £14.35 from £141.85
- Four-weekly rate: £624.80, an increase of £57.40 from £567.40
Commenting on the State Pension uprating, John Palmer, Director of Policy and Communications at Independent Age said: “After months of uncertainty, it’s right that the government has kept its promise to uprate both benefits and the State Pension with inflation.
“This will provide some relief to the millions of older people living on low and modest incomes, especially the 19% of single pensioners who are solely reliant on the State Pension and other benefits like Pension Credit.
“The hard truth is that every day, our helpline hears from older people making dangerous cutbacks on heating and eating, and some tell us they are scared they won’t survive this winter.”
The Chancellor also announced that Pension Credit, the UK Government’s gateway benefit for low income pensioner households will also increase by 10.1% in April.
Pension Credit weekly payment rates 2023/24
- Single: £201.05 (from £182.60)
- Couple: £306.85 (from £278.70)
Commenting on the Pension Credit increase, John said: “Currently, up to 850,000 older households don’t receive Pension Credit even though they are eligible for it.
“This group will now also miss out on the £900 cost of living payment announced by the government for those on means-tested benefits.
“For these people, the uprating of benefits will be meaningless unless the government commits to a Pension Credit uptake strategy.
“Without a strategy to ensure that those entitled receive their much-needed money, the government risks undermining today’s announcements.”
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