MILLIONS of retirees will see a boost to their state pension payments on Monday following a rise to the annual figure last week.
On April 6, the state pension rose by just over £470 per year from £11,502 to £11,976 for those on the full new state pension.
That equates to a weekly rise from £221.20 a week to £230.31.
A record 13million people will see the bumper rise to their income this year, according to the latest government figures.
The number of people claiming state pension jumped 203,000 in the year to August 2024, taking it to the highest number on record.
The annual boost is thanks to the triple lock mechanism, which ensures the State Pension rises in line with the highest of wages for May to July, September’s inflation figure, or 2.5%.
This year, payments have risen by 4.1% in line with wage growth in the three months to July last year.
Older pensioners who retired before April 2016 will get £9,175.61 this year, up from £8,812.96, with a weekly rise from £169.48 to £176.45.
While the new amount kicked in last week, some older pensioners will only see the boost take effect from next week beginning April 14.
This is because the state pension is paid in arrears and not everyone gets it on the same day.
You can check your National Insurance (NI) number to find out what day of the week you are paid state pension. The last two digits will indicate the day:
- 00 to 19: Monday
- 20 to 39: Tuesday
- 40 to 59: Wednesday
- 60 to 79: Thursday
- 80 to 99: Friday
The state pension boost will be hugely welcome for many pensioners struggling with the cost of living crisis.
[bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”Could you be eligible for Pension Credit?” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6355136894112″ video_ids=”” width=”640px”]Pensions minister Torsten Bell said this week: “We’re improving the lives of millions of pensioners through our £7.84 billion additional funding for the State Pension this year.
“That means up to £470 extra in pensioners’ pockets from this week and comes alongside our work to boost Pension Credit uptake.”
However, it comes after the Winter Fuel Payment was slashed for millions of pensioners this winter after it was tied to Pension Credit last year.
This means many pensioners lost out on up to £300, which will eat into their state pension uplift.
How do I get the full state pension figure?
The amount of State Pension you receive depends on your National Insurance (NI) record throughout your adult life.
If you have made at least 35 years of qualifying NI contributions or have received equivalent credits for raising children or providing care, you should get the maximum new State Pension.
If you don’t have 35 years, you may be able to top up your record by paying in voluntary NI contributions.
If you are a man who was born before April 6, 1951 or a woman born before April 6, 1953 then you will get the old state pension.
This has a slightly different system with different payment amounts.
You need 30 years of NI contributions or credits to qualify for the full basic amount, but may get more if you get additional State Pension, or SERPS.
To get any State Pension at all, you will need at least 10 years on your NI record.
You can check your NI record by visiting: gov.uk/check-national-insurance-record.