State pensioners across the UK will see a boost to their income from next month as new State Pension rates take effect.
Chancellor Rachel Reeves confirmed the Government's commitment to the pension triple lock for this parliament in the Autumn Budget at the end of last year, which will see pensioners receive a 4.8% boost to payments from the start of the new tax year. According to HM Treasury, the boost will give pensioners on the full new State Pension an extra £575 per year, while older pensioners on the full basic State Pension will be £439 better off annually. But the new tax year doesn't begin until April 6, so pensioners still have several weeks before the new rates are reflected in payments.
State Pension payments can sometimes be disrupted from month to month due to bank holidays, meaning pensioners have to make their cash last a little longer before their next payment arrives. But as no bank holidays fall in March, payments will be going out as normal this month, so pensioners can expect to receive their cash on their usual payment date.
The State Pension is typically paid every four weeks and when you first claim it, you choose the date when you want to receive your payment.
Pensioners can determine their usual State Pension payment day by looking for the two-digit code at the end of their National Insurance number, as this specifies the date on which payments are normally issued. This is how National Insurance numbers correspond to payment days:
The DWP explains: "You'll be asked when you want to start getting your State Pension when you claim. Your first payment will be no later than 5 weeks after the date you choose. You'll get a full payment every 4 weeks after that.
"You might get part of a payment before your first full payment. The letter confirming your State Pension payment will tell you what to expect.
"The day your pension is paid depends on your National Insurance number. You might be paid earlier if your normal payment day is a bank holiday."
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Men born before April 6, 1951, and women born before April 6, 1953, receive the basic State Pension, which is worth a maximum of £176.45 per week, or around £705.80 per month if you get the full rate.
Men born on or after April 6, 1951, and women born on or after April 6, 1953, get the new State Pension, which is currently worth a maximum of £230.25 per week, or around £921 per month if you get the full amount.
From April, State Pension rates will rise by 4.8% taking the full basic State Pension £176.45 to £184.90 per week, giving pensioners a weekly payment increase of £8.45. Over a full year, this would amount to £9,614.80 in pension payments (up from £ 9,175.40), giving those on the full rate an extra £439.40 annually.
The full new State Pension will rise from £230.25 per week to £241.30 from April. Over a full year this amounts to a total of £12,547.60 in pension payments (up from (£11,973), giving pensioners on the full rate an extra £574.60 annually.
