State pension benefit rises - Pensions - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

State pension benefit rises

State pension benefit rises

Category: Pensions

Updated: 06/04/2009
First Published: 06/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The weekly full basic State Pension will rise from £90.70 to £95.25 from today - almost an extra £5 a week.

The new rate represents an increase of five per cent, a rise based on the level of inflation as recorded by the Retail Prices Index in September last year.

The Chancellor has to increase the basic State Pension each year by the increase in the September Retail Prices Index or 2.5 per cent, whichever is the highest.

The Pension Credit standard minimum guarantee has also increased from £124.05 to £130.00 a week as from today, while couples will have seen their Pension Credit award rise from £189.35 to £198.45 a week.

"The increase in the basic State Pension will put extra cash in pensioners' pockets every week, to help them through these tough times," said Minister for Pensions and the Ageing Society Rt Hon Rosie Winterton MP.

"Poorer pensioners will get real help through the biggest ever rise in Pension Credit, which tops up their income, such as State Pension or a private pension, and which will ensure no pensioner needs to live on less than £130 a week, or £198 for couples."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Grandparents missing out on pension protection

Grandparents who give up work to take care of their grandchildren could be missing out on valuable state pension rights. So, if you're a grandparent taking care of a little one, make sure you’re building up all of the pension that you deserve.

Setting goals could boost your pension pot by £30K

Setting goals can be the key to success in many areas of life, helping motivate you to achieve anything from career progression to building up that house deposit - and if you have goals set for retirement, you could boost your pension by £30,000.

Pretend to be a time traveller day: Are you ready?

Today marks international ‘pretend to be a time traveller day’, a perfect occasion to look at what our lives might look like in 50 years’ time. Are you prepared for 2066?