New Year’s Day falls on Sunday, which means days at the start of the first week of 2023 are classed as bank holidays. Monday, January 2, is an ‘observed’ bank holiday across the UK while Tuesday, January 3, is classed as a ‘substitute’ bank holiday - but only in Scotland.
This means that State Pension payments and benefits for older people delivered by the Department for Work and Pensions (DWP) which are due on those dates will be made earlier. Payments affected by the seasonal bank holidays will arrive on Friday, December 30 and as the cost of living crisis continues to squeeze household finances, it’s important to know exactly what money you have coming in and when - especially when government offices and phone lines are closed.
State Pension, Pension Credit, Attendance Allowance, Carer’s Allowance, Disability Living Allowance (DLA) and Personal Independence Payment (PIP) are all payments older people may be expecting over the next week. Below is everything you need to know about the payment date changes.
New Year payment date changes
- All payments due on Monday, January 2 will be made on Friday, December 30
- All payments due on Tuesday, January 3 will be made as normal except in Scotland where they will arrive on Friday, December 30
State Pension increase 2023/24
Basic and New State Pension payments will increase next year by 10.1% for nearly 12.5 million older people across the UK.
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.
Below are the key details you need to know about the increase in April.
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
To keep up to date with the latest State Pension news, join our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out four times each week - sign up here.
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