Millions of older people in receipt of the New or Basic State Pension are set for a significant boost this year after the Department for Work and Pensions (DWP) confirmed payments will rise by 8.5 per cent from April 8, 2024.
Those with additional State Pension elements or deferred payments, will see an uplift of 6.7 per cent. This means someone on the full New State Pension will see payments go up from £203.85 per week to £221.20 and as payments are typically made every four weeks, this amounts to £884.80 each pay period.
Someone on the full rate of the Basic State Pension will see payments go up from £156.20 per week to £169.50 - this amounts to £678 each pay period.
However, while this uprating will help more than 12 million older people navigate the ongoing cost of living crisis, former DWP pensions minister Sir Steve Webb warns that “thousands” of people may be missing out on a “little-known corner of the UK State Pension system”, currently worth £93.60 each week.Writing in his regular column in ‘This is Money’, Sir Steve addressed a State Pension payment specifically for people over the age of 80 who either have no State Pension or receive less than £93.60 each week.In response to a reader’s question about not receiving any State Pension at the age of 85, Sir Steve explained: “The special pension arrangements for the over 80s are a little-known corner of the UK State Pension system, and I am convinced that many thousands of people, such as yourself, are missing out on what they are entitled to.”He went on to say that while the amount of State Pension someone receives depends on the number of National Insurance years they have built up, for the over 80’s that rule does not apply.He said: “Once you reach 80, and
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