The vast majority of older people started receiving the annual uprating letter from the DWP last month.
The vast majority of 12.7 million State Pensioners living in Great Britain should by now have received their annual uprating letter from the Department for Work and Pensions letting them know how much to expect over the new financial year. Basic and New State Pensions are set to rise by 8.5 per cent under the Triple Lock measure from April 8.
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. During the 2024/25 financial year, this is an increase of £692, taking the annual income from £8,122 to £8,814. Over the 2024/25 financial year, the full New State Pension will be worth £11,502, leaving just £1,068 before the personal tax threshold is exceeded, so anyone with additional income of £89 or more per week - on top of State Pension - may receive a tax bill the following year.
LCP said HMRC may write to the pensioner after the end of the tax year telling them that they have not paid the tax due on their State Pension and requiring them to make a payment before January 31 the following year. How much someone receives depends on the number of years worth of National Insurance contributions they have made - around 35 is needed for the full New State Pension, but this may be more if you were contracted out - find out more here.
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