State Pension payments are set to increase by hundreds of pounds a year in 2023 after the Government confirmed that they will be raised amid the cost of living crisis.
Chancellor Jeremy Hunt confirmed in his Autumn Statement that State Pension payments would rise by 10.1% in line with inflation, maintaining the triple lock. This means that the new State Pension will increase by nearly £75 a month, while basic State Pension claimants will get over £55 extra a month.
The Government has now given an example of how the new rates are estimated to look from April 2023. If you receive either the new or basic State Pension, and/or Pension Credit, here's how much you'll get per week from the spring compared to the current rates.
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Full New State Pension payments
- 2022 to 2023 amount: £185.15 per week
- 2023 to 2024 amount: £203.85 per week
- Increase in benefit: £18.70 per week / £74.80 per month (every four weeks) / £972.40 per year
You are eligible 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. If you reached State Pension age before April 6 2016, you will get the basic State Pension instead - see below.
Basic State Pension payments
- 2022 to 2023 amount: £141.85 per week
- 2023 to 2024 amount: £156.20 per week
- Increase in benefit: £14.35 per week / £57.40 per month (every four weeks) / £746.20 per year
You usually need a total of 30 qualifying years of National Insurance contributions or credits to get the full basic State Pension. If you have fewer than 30 qualifying years, your pension will be less than the amount stated above, though you may be able to top up by paying voluntary National Insurance contributions.
Pension Credit payments
Minimum Guarantee - single
- 2022 to 2023 amount: £182.60 per week
- 2023 to 2024 amount: £201.05 per week
- Increase in benefit: £18.45 per week / £73.80 per month (every four weeks) / £959.40 per year
Minimum Guarantee - couple
- 2022 to 2023 amount: £278.70 per week
- 2023 to 2024 amount: £306.85 per week
- Increase in benefit: £28.15 per week / £112.60 per month (every four weeks) / £1,463.80 per year
Pension Credit is separate from your State Pension, and is extra money given to those over State Pension age who are on a low income to help with their living costs. You can get Pension Credit even if you have savings or own your home, and you might get extra help if you're severely disabled, a carer, or responsible for a child.
Receiving Pension Credit can also entitle you to more financial help including a discount on your Council Tax, a free TV licence, and help with your heating costs through the Warm Home Discount Scheme. You can check whether you are eligible for Pension Credit using the information on the gov.uk website.
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