As February is here, waiting for the payment of State Pension payments becomes crucial for eligible recipients. The authority for this payment is Department for Work and Pensions (DWP) and i will update you on it. This year, there will be certain adjustments to your retirement funds to be aware of, including an increase in the state pension and an increase in pension credit. In 2024, the State Pension will grow by 8.5% in April in accordance with earnings as part of the government’s “triple lock” promise.
This ensures that the increase in the State pension will be equal to the higher of 2.5%, the earnings growth rate, or the September inflation rate. The weekly increase to the full new State Pension rate is £17.35, or £902.20 annually. You must check this to know more on Pension Credit News February 2024 and When Pension Will Be Credited in UK this Month?
Pension Credit News February 2024
Once you have reached State Pension age, you may be Pension Credit 2024 Eligible, a means-tested payment, if your weekly income falls below a specific threshold. Its two components Guaranteed Credit and Savings Credit will both see increases starting in April 2024. You will gain 8.5% if you get the Guaranteed Credit element of Pension Credit, and 6.7% if you earn the Savings Credit portion.
At the start of the following fiscal year, the retirees will get their pension credits. The amount of the pension credit is determined by the budget for current year. The credit will be determined by looking at the tax returns that the person submitted when they were employed.
United Kingdom Pension 2024 Details
|Pension Credit News February 2024
|Name of Department
|Department for Work and Pensions (DWP)
|February 6, 2024 and February 22, 2024
What is Pension Credit?
You can be eligible for Pension Credit worth thousands of pounds annually if you are retired and earn less than £204 per week for an individual or £307 per week for a couple. It also gives you access to a plethora of other perks. Nonetheless, over 880,000 eligible households failed to receive pension credits worth up to £2.1 billion. It is compromised of Guarantee Credit and Savings Credit.
|Weekly rate 2023/24
|Weekly rate 2024/25
|Weekly rate 2023/24
|Weekly rate 2024/25
Pension Credit 2024 Eligibility
- You must be a resident of England, Scotland, Wales, or Northern Ireland, or the United Kingdom.
- Must attained the age of state pension.
- Have an income of less than £201.05 (for singles) or £306.85 (for couples) each week.
- Both members of a marriage must have attained state pension age. If you live together, you are regarded as a couple regardless of whether you are married or in a civil partnership.
- When applying, a couple must first disclose information about their combined income and savings.
State Pension Changes 2024 Amount
The state pension will increase by 8.5%, so that eligible citizens will get a £902 increase in their benefits starting on April 8, 2024. The weekly amount for those who qualify for the new state pension at its maximum level will increase to £221.20 from £203.85 this year. Thanks to State Pension Changes 2024 Amount, seniors’ total income will increase to £11,502.40 at the end of the 2024–25 tax year, a £902 gain.
|Weekly amount 2023/24
|Weekly amount 2024/25
|Annual amount received
|New State PensionFull rate
|Basic State PensionFull rate
DWP benefits and COL payment dates to expect in February 2024
- It is must to claim your right to benefits as the crisis continue to bear the brunt of the cost of living issue. Benefits and cost-of-living payments don’t go far enough in the face of the growing crisis, as The Big Issue has highlighted. Every month, £140 is not enough money for individuals on universal credit to survive on but with costs continuing to rise, any form of financial assistance might be a lifesaver for those in need.
- Between February 6, 2024, and February 22, 2024, the following cost of living payment will be made. The ultimate COL payment that the Department for Work and Pensions (DWP) has anticipated is £299. Eligibility for the COL payment includes those who receive specific benefits or tax credits. Universal Credit, income-related ESA, income-based JSA, income support, pension credit, CTC, and working tax credit are a few examples of this.
Is benefits and the state pension are expected to rise in 2024
April 2024 will see an increase in benefits and the state pension. In September, benefits will rise at the 6.7% annual rate of inflation. In accordance with the triple lock and salary growth regulations, the state pension will rise by 8.5% in April. Pension Credit is disbursed on a quarterly basis. Your bank, building society or Post Office account will receive the payment straight.
How To Apply For Pension Credit in UK
- You can Pension Credit 2024 Apply via GOV.UK.
- By contacting 0800 99 1234, you may also make a phone claim for Pension Credit.
- Print out the Pension Credit claim form and complete it if you want to apply by mail. A form can also be requested to be provided to you by calling the claim line number mentioned above.