People over State Pension age due annual income boost of up to £902 over next 12 months

dailyrecord.co.uk:

More than 12 million older people in receipt of the New or Basic State Pension are set for a significant income boost during the new financial year when the Department for Work and Pensions (DWP) uprates payments by 8.5 per cent from Monday, April 8.

Additional State Pension elements, including deferred amounts, will rise by 6.7 per cent.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.

Over the 2024/25 financial year, this is an increase of £902, taking the annual income from State Pension alone from £10,600 to £11,502.Someone on the full rate of the Basic State Pension will see payments go up from £156.20 per week to £169.50 - this amounts to £678 each pay period.

During the 2024/25 financial year, this is an increase of £692, taking the annual income from £8,122 to £8,814.It's important to be aware that even though weekly rates will rise on April 8, payments are made in arrears which means it may take up to four weeks for people to see the full uprating reflected in payments.State Pension payments can be made weekly, fortnightly or every four weeks - it all depends on which payment option was selected when the original claim for the contributory benefit was made.The increase of 8.5 per cent is due to the earnings growth measure of the Triple Lock.