State Pension changes are coming into effect tomorrow, i.e. 6th April 2019. The rates of State Pension changes every year in the United Kingdom. This is because of the triple lock guarantee. Moreover, this rise in the rates will affect your financial income. We are bringing to you all the important details that you need to know.
State Pension 2019
In the later years, people rely mostly on State Pension. The type of state pension depends upon at two factors.
They are sex of the person along with the year of birth. Moreover, the amount that is received also depends upon a number of factors.
To know the exact amount, one has to sit with a calculator and rate plans. These plans can be sought at the government website.
For the new as well as basic pension, rate of inflation is 2.5 percent. This is as measured by the Consumer Prices Index (CPI). The rate of inflation is also according to average earnings growth.
The tax year ends 5th April 2019. Therefore the new tax year will start tomorrow.
Along with it, the changes in the pension will come into effect from tomorrow.
This increase in the amount of state pension also starts from tomorrow.
Basic State Pension
If a woman is claiming for basic state pension then she must be born before 6th of April 2053.
However, a man trying to get it must be born before 6th of April 2051. The maximum that one can get as of now is £125.95 per week.
From Saturday, however, this amount will increase to £129.20 per week. This will be an extra £3.25 per week.
Increase in the pension will be experienced by all who claim it. However, only the eligible ones will get full amount of £169 extra. This amount is for the entire year.
New Changes and Policies
Women born after 6th of April 1953 can seek new state pension.
Under this pension plan, the maximum amount that can be currently received is £164.35 per week.
However, this amount will become £168.60 per week from Saturday. Thereby rising by £4.25.
But, the actual amount is affected the most by national insurance record of the claimant.
Moreover, you can get even more. This is if you have a deferring state pension. Or a specific amount of additional state pension can also get you extra.
However, this is applicable only if you live overseas