Basic and New State Pension payments will increase next week by 10.1 per cent for some 12.6 million older people across the country, including around one million living in Scotland.
16.03.2023 - 08:17 / dailyrecord.co.uk
State Pension currently provides essential financial support for 12.6 million older people across the country, including more than one million retirees living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.
However, many people approaching the official retirement age in 2023 may not be aware that this contributory benefit is not paid automatically by the Department for Work and Pensions (DWP) and needs to be claimed, or they could miss out on payments of up to £185.15 every week.
It is not paid automatically when someone reaches State Pension age as some people choose to defer making a claim in order to keep working and generate more towards their pension pot, especially if they have not paid the full quota of 35 years' worth of National Insurance Contributions
DWP guidance explains: “You do not get your State Pension automatically - you have to claim it. You should get a letter no later than two months before you reach State Pension age, telling you what to do.”
It then clarifies that you can either claim your State Pension or delay (defer) claiming it. It states: “If you want to defer, you do not have to do anything. Your pension will automatically be deferred until you claim it.”
Which means, unless you respond to the letter confirming that you want to start claiming State Pension, you will not receive any payments as the DWP will interpret no response as a wish to defer.
Deferring your State Pension could increase the payments you get each week when you decide to claim it, as long as you defer for at least nine weeks. Your State
Basic and New State Pension payments will increase next week by 10.1 per cent for some 12.6 million older people across the country, including around one million living in Scotland.
An estimated 19.2 million families and 39.8 million individuals across Great Britain currently in receipt of State Pension or benefits from the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) will see their payments go up by 10.1 per cent next week. However, due to payments made in arrears most people will not see a difference until May.
State Pension payments are set to increase by 10.1 per cent from April for some 12.6million people across Great Britain, including 992,052 living in Scotland. However, despite a record-breaking rise in payments of the contributory benefit, it is estimated that around 1.8 million pensioners are receiving less than £100 per week in State Pension payments.
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State Pension provides essential financial support every four weeks for 12.6 million people across the UK, including around one million living in Scotland. This regular payment of up to £185.15 per week for the Full, new State Pension or £141.85 per week for the basic old State Pension (Category A or B) is available for those who have reached the UK Government’s eligible retirement age, which increased to 66 for both men and women in October 2020.
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Earlier this week, the UK Government launched a dedicated ‘Cost of Living Payments 2023 to 2024’ page on its official website. The new microsite is similar in detail to last year’s support page which was regularly updated with qualifying periods and payment windows for all cost of living payments.
The UK Government recently announced that people now have until the end of July to plug any gaps in their National Insurance record which will in turn boost their State Pension payments when they reach the official retirement age. The April 5 deadline was extended until July 31 after phone lines to the Future Pension Centre became jammed as people rushed to buy missing years.
An estimated 19.2 million families and 39.8 million individuals across Great Britain currently in receipt of State Pension or benefits from the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) will see their payments go up by 10.1 per cent next month. However, due to payments made in arrears most people will not see a difference until May.
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