Millions of retirees are due up to £221 each week now that the annual uprating has been applied.
Millions of retirees in receipt of the New or Basic State Pension are set for a significant income boost from this month after the Department for Work and Pensions confirmed that weekly payment rates increased by 8.5 per cent on April 8. Additional State Pension elements, such as deferred amounts, have gone up by 6.7 per cent.
It's important to be aware that even though weekly rates have now risen, payments from the DWP are made in arrears which means it may take up to four weeks for people to see the full uprating reflected in payments. “This will make a meaningful difference to all those who rely on the State Pension and ensure we continue to provide a safety net for those who need it most while making work pay wherever possible.”
Over the 2024/25 financial year, the full New State Pension will be worth £11,502, leaving just £1,068 before the personal tax threshold is exceeded, so anyone with additional income of £89 or more per week - on top of State Pension - may receive a tax bill the following year. LCP said HMRC may write to the pensioner after the end of the tax year telling them they have not paid the tax due on their State Pension and requiring them to make a payment before January 31 the following year.
Benefits DWP Retirement Personal Finance Taxes Tax HMRC
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