State Pension payments usually increase each year under the Triple Lock Mechanism which sees an uprating occur based on the highest of three main components. These are average earnings growth, the rate of inflation or 2.5 percent – and this year, the rate is 2.5 percent. Currently, the Department for Work and Pensions (DWP) oversees the state pension system, splitting it into two main tiers, dependent on a persons age.
The basic state pension, otherwise known as the ‘old’ scheme, will be made available to men born before April 6, 1951 and women born before April 6, 1953.
Individuals who are born later will instead be entitled to the new state pension sum.
There is, however, not a set amount of state pension everyone will receive, and the sum is usually based on an individual’s National Insurance contributions.
Some women will be entitled to what is known as a Married Woman’s Pension, linked to the basic state pension.
The increase is happening due to the start of a new tax year in the UK.
As a result, confirmation has been gained that the Married Woman’s Pension rate is to rise from £80.45 to £82.45 per week.
Across the course of a year, then, eligible women may expect to receive a maximum of just over £4,200 from the DWP.
The Government has also explained a process which is known as the reduced rate of National Insurance for married women.
Britons can get what is known as a state pension statement, accessible through the Government’s forecast tool.
The service also informs state pensioners how they can increase their sum if at all possible.
The Government’s official website has an online tool which is considered to be the quickest way of finding out information.
There are, however, other ways that older Britons will be able to apply for a state pension statement.
If a person will reach their state pension age in more than 30 days, they can either fill in a BR19 application form, or call the Future Pension Centre.
For those already in receipt of their state pension or individuals who have delayed a claim, calling the Pension Service is considered to be the best course of action.
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