National Insurance Contributions currently fund State Pension payments for 12.7 million people.
The Department for Work and Pensions has said the ‘National Insurance Fund’ has “enough money to self-finance for at least the next five years” amid growing concerns over how the State Pension will be paid for if National Insurance is scrapped in favour of a single tax system. Pensions Minister Paul Maynard MP also said the Treasury has the ability to “top up the National Fund from the Consolidated Fund when needed”.
He continued: “Each year, the Government Actuary’s Department publishes a report showing the impact of uprating decisions on the National insurance Fund. The most recent report in January this year took into account the 8.5 per cent increase in the Basic and New State Pensions which will come into force from 8 April.
Top Money Stories Today The uprating next month means someone on the full New State Pension will see payments go up from £203.85 per week to £221.20 and as payments are typically made every four weeks, this amounts to £884.80 each pay period. Below are the new payment rates, which come into effect on April 8, however, it's important to be aware that even though weekly rates will rise on that date, most pensioners will not see the full amount reflected in their payments until four weeks after the increase date as the State Pension is paid in arrears.Basic State Pension payment rates 2024/25 These payments will rise by 8.5%:
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