DWP state pension change means millions £900 better off from today
08.04.2024 - 11:54
/ manchestereveningnews.co.uk
People claiming the state pension will see their payments go up from today (April 8).
Pensions, which are paid out by the Department for Work and Pensions (DPW), will see an increase of 8.5 per cent which could be worth as much as £900 extra for full-rate claimants. The rise is in-line with the triple lock commitment which promises to increase the state pension every year in-line with either wage growth, inflation, or 2.5 per cent - whichever is the highest.
The full state pension rate for last year was £10,600 and will rise to £11,500 a year. Universal credit claimants will receive a 6.7% increase, a rise which extends to other benefits including the personal independence payment, disability living allowance and employment and support allowance.
Read more: Full list of DWP Universal Credit cash boosts from today
While concerns have been raised over the long-term affordability of the commitment, the government says it will continue to back the triple lock. Work and Pensions Secretary Mel Stride said the commitment's sustainability will work alongside rules set by the Office for Budget Responsibility (OBR).
He told Times Radio: “This is a question really about the OBR and fiscal targets. We work all of our fiscal policy within that very clearly set out framework and that’s why your listeners will hear references to something called the headroom that the Chancellor has to play with… and there’s about £6 billion of it at the moment.
“But the important point here is that, of course, any commitment like this will have to be fully funded and it will have to meet the fiscal targets as set out by the OBR and I can assure you going forward, that in every fiscal event, that will be the case.”
He added that pensioner are entitled