State pensioners under 76 given full £44.20 extra cash in May | Personal Finance | Finance
A boost for new state pensioners will be paid in full for all state pensioners in May following a triple lock boost that began rolling out in April.
New, post-2016 state pensioners – those aged under 76 – are being handed a financial boost worth up to £575 a year or £44.20 every four weeks, which began in April. The state pension is guaranteed to increase every year based on one of three metrics – inflation, wage growth or a flat 2.5%, and this is protected by law for both the new post-2016 state pension and the older, basic state pension.
The DWP has confirmed that the Triple Lock will result in an approximate £575 maximum annual increase for new state pensioners from April. That’s because the key average earnings figure has been confirmed at 4.8%, which is higher than inflation and, of course, higher than the 2.5% minimum floor for increases.
New state pensioners are those who hit state pension age by April 2016. In April 2016, the state pension age was set at 66, which means that new state pensioners today are aged up to 76, though they could turn 77 just after April 6.
The new post-2016 state pensioners will get up to £44.20 extra per each four-weekly payment period, assuming they have a full National Insurance record.
Those with incomplete records will see lower total take-home for their pension payments, depending on how far off the full record they are, which the DWP calculates on a case-by-case basis when you first hit state pension age.
Older state pensioners will see their payments increase from £176.45 to £184.90, while new state pensioners will see theirs rise from the current £230.25 to £241.30 per week, for those with a full National Insurance record.
However, the state pension is paid out for every four weeks, and the exact payment date depends when your state pension is normally paid. Because the new tax year began on April 6, there are some state pensioners who wouldn’t have received the new Triple Locked amount until May, despite the rule starting in April.
For example, a pensioner receiving their pension from the DWP on Friday April 3 will not have been paid again until May, which means they won’t have received the new, boosted amount with an extra £44.20 until May.
