Published On: Thu, Apr 11th, 2019

State pension: ALL the changes being made to UK pensions – how much are you entitled to?

The state pension is paid out to Britons after they have reached state pension age.

The amount you get is dictated by the amount of national insurance you have paid.

The full new State Pension is £168.60 per week.

To qualify for this amount you must have paid 35 years of national insurance.

As of this month a number of changes are being made to the state pension. What new rules do you need to be aware of?

State pension 2019 changes

New state pension is up from £164.35 a week to up to £168.60 a week

Basic state pension rising up to £3.25 a week to £129.20 a week

Widows benefit and widows pension are both rising from £117.10 a week to £119.90 a week

Attendance allowance, which helps those who have care needs due to disability, is rising to £87.65 a week

Pension credit is rising to £248.80 for single people and £255.25 for couples

Bereavement support payment is frozen at up to £350 a month or £3,500 as a lump sum, although you might get less

Personal independence payment is rising from £57.30 a week to £58.70 a week for those with standard daily living component. For those with standard mobility component it goes up to £23.20

Incapacity benefit has gone up to £112.25 while carer’s allowance has gone up to £66.15 a week

Disability living allowance (care component) is rising by up to £2.05 a week from up to £85.60 a week to up to £87.65 a week

Disability living allowance (mobility component) is rising by up to £1.45 a week from £59.75 a week to £61.20 a week

Are there ways that you can increase the state pension? Deferring it is one of the best ways to get more. 

The government said: “Your State Pension will increase every week you defer, as long as you defer for at least nine weeks.

“Your State Pension increases by the equivalent of one per cent for every nine weeks you defer. This works out as just under 5.8 per cent for every 52 weeks.

“The extra amount is paid with your regular State Pension payment.”

Sir Steve Webb, director of policy at Royal London, said: “If your earnings are enough to support you, it makes sense to consider deferring taking a state pension so that less of it disappears in tax.”

Alongside state pension rates rising, pension credit rates are rising too, but what does this mean?

Pension credit is a benefit that is related to how much cash you are getting in your state pension payments. It was introduced by Gordon Brown to help keep vulnerable pensioners out of poverty.

To qualify for pension credit either you or your partner needs to have reached state pension age.

If Britons want to apply for pension credit they should do so up to four months before they start receiving their pension.

Pension credit it means tested, and is made up of two parts, guarantee credit and savings credit. Both of these increase with the CPI inflation rate.

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