State Pension is currently offered by the Department for Work and Pensions (DWP), much like the Universal Credit benefit. The State Pension sum provides those who have reached an eligible age with a sum of money every four weeks to support the cost of living. At present, the State Pension is split into two tiers, dependent on the age which a person retires.
Those who reached State Pension age on or after April 6, 2016 will be entitled to the new State Pension, and could receive up to £175.20 per week.
However, those who retired before this date will receive the basic, or ‘old’, State Pension.
These pensioners can receive up to £134.25 per week.
State Pension is available for those who either have 30 or 10 qualifying years of National Insurance contributions, depending on when they retire.
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And he touched upon the thousands of people who will be moving from claiming Universal Credit to receiving State Pension.
He said: “The government announced in March that anyone reaching State Pension while claiming Universal Credit will be eligible for a run on until the end of the assessment period in which they reach State Pension age.
“An estimated 200,000 people will benefit from this measure over the next five years, receiving on average an additional £350 each.
“I am pleased to confirm that regulations are being laid today to put this measure on a statutory footing.”
The first payment should be in a pensioner’s bank account or building society within five weeks of reaching State Pension age.
After this, pensioners will receive a full payment every four weeks.
However, those receiving the sum should also keep an eye out.
This is because they may get part of a payment before their first full payment.
Pensioners should look out for a letter which will tell them what to expect.