State pension payments are often vital to older people, many of whom are reliant on the sum. Those who receive the state pension can expect a guara
State pension payments are often vital to older people, many of whom are reliant on the sum. Those who receive the state pension can expect a guaranteed increase this year.
However, due to the temporary suspension of the triple lock, the rise will not be as much as pensioners hoped for.
Under the triple lock, Britons usually see an increase by whichever measure is the highest: 2.5 percent, inflation or average earnings.
The Government took the decision to scrap this for one year due to warped earnings data.
As a result, the inflation figure of 3.1 percent, measured in September, was used as the basis of the increase.
READ MORE: State pension age update as WASPI women hope for ‘compensation’
If a person is eligible for the sum through their own National Insurance record, it is known as Category A pension.
But if a person is inheriting a pension based on the contributions from a partner or spouse who is deceased, this is a Category B pension.
Another category is the Additional state pension which is also undergoing an increase from £180.31 to £185.90 as a maximum amount.
It is worth noting, however, the Additional state pension is not fixed and how much a person gets depends on their circumstances.
This will include earnings, contracting out, topping up and how many years of National Insurance have been paid.
One particularly important group is married women, many of whom claim under the Married Woman’s state pension.
It is a sum based on 60 percent of the rate of the basic state pension, and will rise from £82.45 to £85.
The fifth group are individuals getting what is known as the Over 80 pension – for people aged 80 and over.
The Government explains: “To be eligible, you must get either a basic state pension of less than £82.45 a week, or no basic state pension at all.”
At present, the sum is £82.45 per week, but it will be rising to £85 per week as of April 2022.