Nearly 1.5 million older people with a long-term health condition claiming Attendance Allowance are set for a significant income boost in April following confirmation from Chancellor Jeremy Hunt that benefits will rise in line with the September Consumer Price Index (CPI) inflation figure of 6.7 per cent.
During the Autumn Statement, the Chancellor also announced that the State Pension will increase by 8.5 per cent - the earnings growth measure of the Triple Lock policy.The annual uprating means that someone claiming the full, New State Pension, also in receipt of the higher rate of Attendance Allowance, will be due £1,319 every four weeks.
It’s important to understand that State Pensions and Attendance Allowance are paid every four weeks, providing a total of 13 payments over the course of the financial year.Similarly, someone in receipt of the maximum Basic State Pension is set to receive £169.50 per week from April.
Coupled with the higher rate of Attendance Allowance, this gives a total of £1,112 every four weeks.It is also crucial to be aware that these payments are made independently of each other during each month, however, understanding how much money to expect can help forward plan household budgets, especially as Ofgem increased the energy price cap by five per cent on January 1 until the end of March.This is now set at an average £1,928 a year for a dual fuel household paying by direct debit, up from the current rate of £1,834 a year based on typical use.The current predictions from experts at Cornwall Insights are that after the January rise, it will drop in April 2024 to £1,816 a year for a typical household, followed by a further reduction in July 2024 to a typical £1,793 a year.
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