The state pension is something many people rely on when it comes to their later years. The type of state pension you get will depend on your sex as well as when you were born. What’s more, the amount that you get varies on a number of factors. In order to work out exactly how much you can get via the state pension, it’s worth paying a visit to the government website and using its state pension calculator.
Thanks to the triple lock, the state pension is guaranteed to rise each year.
The increase is decided on the basis of whichever is the highest of three different options.
For both the new state pension and the basic state pension, this is 2.5 per cent, the rate of inflation – as measured by the Consumer Prices Index (CPI), or average earnings growth.
However, as the full amount of the basic state pension differs to that of the new state pension, the rise in the weekly payments of the maximum available figure will vary between the two.
With the 2018/2019 tax year ending tomorrow, the increase in the full state pension amount will come into effect on Saturday, April 6.
So, how will this affect you?
Changes to the basic state pension
First of all, if you’re looking to claim the basic state pension, you must have been born before April 6 1953 if you are a woman.
Men must have been born before April 6 1951 in order to get this type of state pension.
The most you can currently get is £125.95 per week.
However, this will rise to £129.20 from Saturday.
This is an additional £3.25 per week.
While every state pension claimant will see their state pension rise, only those who are eligible for the full amount will get this extra cash which works out at £169 more per year than last year.
Changes to the new state pension
Those born after the aforementioned dates should seek the new state pension.
This currently has a maximum amount of £164.35 each week, but will rise by £4.25 to £168.60 as of this weekend.
However, it’s your national insurance record which will affect the actual amount you get.
What’s more, deferring your state pension or having over a certain amount of additional state pension could see you get even more.
Some people may not be able to reap the benefit of these state pension rises.
This will apply to those who live overseas in certain countries. Find out if you’re unable to get the state pension increase this week for this particular reason, here.