Published On: Thu, Mar 14th, 2019

State pension: How much you will get is set to increase in April


State pensions were not mentioned by Philip Hammond in the 2019 State Pension today.

Pensions were not mentioned either in his speech or in the documents supplied to supplement the statement.

This may disappoint some who were hoping for an improvement to personal finance.

Steven Cameron, pensions director at Aegon, told thisismoney.co.uk: “An improvement in the public finances could also allow the Chancellor to focus on improving rather than tightening savings incentives such as tax relief on pensions.

Steven Cameron, pensions director at Aegon, told thisismoney.co.uk: “An improvement in the public finances could also allow the Chancellor to focus on improving rather than tightening savings incentives such as tax relief on pensions.

“The Government has committed to looking at ways to increase pension take-up amongst the self-employed.

“Here, as in automatic enrolment, successfully increasing money saved into pensions means the Treasury collects less in income tax receipts.

“But encouraging greater self-provision has huge long term benefits for retirees and those of working age alike and should save the Government in benefit payments longer term.”

However, there are state pension changes taking place next month that Britons need to be aware of.

The basic state pension and new state pension will increase by 2.6 percent from April 6 this year. 

Per week this equates to an extra £3.25 a week and £4.25, depending what type of pension you claim.

However, not everyone will get this increase in the state pension straight away.

The state pension is received monthly, but not everyone gets it on the same date of the month.

Depending on the date you receive yours – you may have to wait a few weeks.

The final two digits on your National Insurance number will affect what day of the week you get your pension.

For instance, if this number ends in anything from 00 to 19, you will be paid on a Monday.

Likewise, those with the final two digits ranging from 20 to 39, are paid on a Tuesday.

As of May 15 state pension is being cut for couples. 

If you are currently claiming state pension, but are married to someone who is below the state pension age, you could be left £7,000 a year worse off.



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