Pensioners born before this year given £30 extra a month from DWP | Personal Finance | Finance
Brits born before a certain year will now receive £34 extra a month. The Department for Work and Pensions (DWP) has increased the basic state pension rate for men born before 1951 and women born before 1953.
Men born before April 6, 1951, and women born before April 6, 1953, receive the basic State Pension, and their pension payments increased by 4.8% this month, taking the full basic state pension up from £176.45 per week to £184.90. This amounts to a weekly cash boost of £8.45 for those on the full rate – or £34 a month. Over a full year, pensioners on this rate can get up to £9,614.80 in state pension payments (up from £9.175.40 previously), giving those on the full rate an extra £439.40 annually. The triple lock ensures that the State Pension doesn’t lose value over time and, in practical terms, guarantees that it will rise each year by the highest of average earnings, inflation (measured by the Consumer Prices Index), or 2.5%.
Aegon pensions director, Steven Cameron, said that the news marks “welcome confirmation”, saying there were real concerns that the Labour Party Chancellor might have reneged on this, instead focusing on ‘working people’.
Chancellor Rachel Reeves previously said: “Whether it’s our commitment to the triple lock or to rebuilding our NHS to cut waiting lists, we’re supporting pensioners to give them the security in retirement they deserve.
How much state pension you’ll get depends on various factors. Two of the most important are when you were born and how many ‘qualifying years’ of National Insurance (NI) contributions you have.
You won’t get any new state pension if you have less than 10 qualifying NI years when you reach state pension age. If this is you, you may be able to buy NI contributions to get you over the 10-year mark.
Whether you get the full Basic amount (currently £184.90 a week) also depends on how many qualifying NI years you have.
The state pension age will gradually increase from 66 to 67 between April 2026 and April 2027 for both men and women. A further rise to 68 is due between 2044 and 2046.
