Tuesday, 29 November 2022 09:45
Govt publishes 10.1% State Pension rise details
The Government has confirmed that the new State Pension will rise from April by £18.70 from £185.15 per week to £203.85.
The percentage rise is 10.1% as the Triple Lock has been applied. Last year's increase was 3.1%.
The government confirmed details of the rise in a comprehensive published update to all state benefits, including pensions.
The old or ‘basic’ State Pension will rise from £141.85 per week to £156.20.
Chancellor Jeremy Hunt ended speculation about the State Pension and the Triple Lock in his Autumn Statement recently.
The Triple Lock applies an increase in line with the highest of the previous September's inflation figure, the average increase in wages or 2.5%.
A full list of State Pension changes is below.
STATE PENSION
|
New State Pension (weekly rates except where shown) |
Rates: 2022/23 |
Rates:2023/24 |
|
Full rate |
185.15 |
203.85 |
|
Transitional rate below full rate |
3.0902% |
10.0999% |
|
Protected Payment |
3.10% |
10.10% |
|
Increments - own (based on deferred new State Pension) |
3.10% |
10.10% |
|
Increments - inherited (based on deferred old State Pension) |
3.10% |
10.10% |
|
Old State Pension |
|
|
|
Category A or B basic pension |
141.85 |
156.20 |
|
Category B (lower) basic pension - spouse or civil partner's insurance |
85.00 |
93.60 |
|
Category C or D - non-contributory |
85.00 |
93.60 |
|
Additional pension |
3.10% |
10.10% |
|
Maximum additional pension (own + inherited) |
185.90 |
204.68 |
|
Increments to:- |
|
|
|
Basic pension |
3.10% |
10.10% |
|
Additional pension |
3.10% |
10.10% |
|
Graduated Retirement Benefit (GRB) |
3.10% |
10.10% |
|
Inheritable lump sum |
3.10% |
10.10% |
From Financial Planning Jobs. For more click on any job.
-
Financial Planner - home based/UK wide - £60k+
Financial Planning Jobs Read more... -
Financial Adviser - London/South East - To £70k
Financial Planning Jobs Read more... -
Senior Financial Adviser - £65k-£75k - Bucks
Financial Planning Jobs Read more...
This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
Financial Planning Jobs https://jobs.financialplanningtoday.co.uk/
This page is available to subscribers. Click here to sign in or get access.