The government is set to increase state pensions from today after it confirmed the return of the triple lock guarantee.
22.03.2023 - 12:39 / dailyrecord.co.uk
Plans to bring forward a planned rise in the State Pension age to 68 have reportedly been put on hold amid falling life expectancy across the UK and fears of a backlash from middle-aged voters. The Financial Times reports that ministers have now decided to delay a decision on the increase until after the next general election.
State Pension age is currently 66 for both men and women and is due to rise to 67 between 2026 and 2028, with a further rise to 68 planned between 2044 and 2046. However, reports earlier this year suggested that the UK Government wants to bring the rise to 68 forward to the late 2030s.
The Financial Times also reports that ministers had expressed concerns about “ordinary voters” resenting having to work for longer after Chancellor Jeremy Hunt has just “relaxed the tax rules on pensions for the wealthy” with the scrapping of the lifetime allowance. The paper quoted one UK Government insider as saying: “They were gung-ho to raise the pension age. But they got cold feet.”
Dean Butler, Managing Director for Customer at Standard Life said: “The news that further increases to State Pension age have been delayed will be met with a sigh of relief from those who would have been affected. Those currently in their early fifties were the first that could have been impacted by the changes and these would have been particularly challenging for a number of groups.
“Those planning to start accessing their personal savings before for State Pension age would have had to consider whether they would have stretched far enough to bridge the gap, while others would have faced an extended period in the workforce.”
A Department for Work and Pensions spokesperson said: “The Government is required by law to regularly review the
The government is set to increase state pensions from today after it confirmed the return of the triple lock guarantee.
Millions of retired Brits across the country will see a much-needed increase in their state pension from today.
Basic and New State Pension payments will increase next week by 10.1 per cent for some 12.6 million older people across the country, including around one million living in Scotland.
An estimated 19.2 million families and 39.8 million individuals across Great Britain currently in receipt of State Pension or benefits from the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) will see their payments go up by 10.1 per cent next week. However, due to payments made in arrears most people will not see a difference until May.
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State Pension payments are set to increase by 10.1 per cent from April for some 12.6million people across Great Britain, including 992,052 living in Scotland. However, despite a record-breaking rise in payments of the contributory benefit, it is estimated that around 1.8 million pensioners are receiving less than £100 per week in State Pension payments.
The government is set to delay plans to raise the state pension age to 68 amid concerns of a backlash from voters, according to reports. Work and Pensions Secretary Mel Stride is expected to address MPs in the Commons on Thursday (March 30), when he is expected to update them on the latest statutory review on the pension age.
A top energy expert is warning that “a few thousand” people over State Pension age only have until the end of this week to claim winter heating bill help, worth up to £600. Malcolm Grimston, Senior research fellow for Energy Policy and Technology at Imperial College London, said that millions of pensioners have already received the payment automatically, but two specific groups may not - and they need to make a claim before March 31, 2023.
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Labour MP Kate Osborne has called on the UK Government to “urgently put forward a compensation package” for women born in the 1950s who have been affected by changes to their State Pension age. An estimated 3.8million women across Great Britain missed out on State Pension payments due to a change in retirement age.
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Martin Lewis has shared essential advice for anyone unable to get through to the Future Pension Centre to buy missing National Insurance (NI) years in order to boost their State Pension entitlement. The UK Government recently extended the deadline from April 5 to July 31 due to a surge in demand for the service and has frozen the prices of each year.
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The Department for Work and Pensions (DWP) is encouraging older people with a physical or mental health condition, or a disability, to check if they are entitled to Attendance Allowance, which is currently worth either £61.85 or £92.40 each week.
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State Pension provides essential financial support every four weeks for 12.6 million people across the UK, including around one million living in Scotland. This regular payment of up to £185.15 per week for the Full, new State Pension or £141.85 per week for the basic old State Pension (Category A or B) is available for those who have reached the UK Government’s eligible retirement age, which increased to 66 for both men and women in October 2020.
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State Pension currently provides essential financial support for 12.6 million older people across the country, including more than one million retirees living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.
At the start of this year, the Department for Work and Pensions (DWP) said that it expects to complete the correction exercise into State Pension underpayments for two groups of women by the end of 2023. The Pensions Minister Laura Trott MP said the exercise for those on CAT BL and CAT D should be completed by the end of this year, but it could run through to late 2024.