Some major changes which will impact many
The new tax year beginning in April is often the time when adjustments are made. One major area which comes under this banner is state pensions.
Our colleagues at The Express have taken a look at six changes to be aware of with regards to state pensions.State pension triple lock The first key change for Britons to make note of is the return of the state pension triple lock. The mechanism was temporarily suspended last year, due to warped earnings data as a result of the coronavirus pandemic, meaning the government deemed a predicted eight percent rise as unaffordable.
People are eligible if they are a woman born on or after April 6, 1953, or a man born on or after April 6, 1951. To get any new state pension, Britons typically need 10 qualifying years of contributions, rising to 35 for those who want to secure the full sum. Some may get less than the full new state pension if they were contracted out before April 6, 2016.
Married Woman’s Pension The fourth change relates to the Married Woman’s Pension - a type of the basic state pension. Under the old scheme, women could derive payments from their spouse or civil partner’s National Insurance contributions. The sum is worth 60 percent of the basic state pension rate, and the DWP has confirmed this will rise from £85.00 to £93.60 per week.
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