Latest Age Pension rates (from 20 September 2022) From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple. The tables below provide more detail in terms of the latest increase and how the Age Pension is broken down.
There are no longer any special state pension arrangements for married couples. Each partner in the marriage or civil partnership needs to build up their own state pension through qualifying years, and cannot benefit from their spouse's state pension (which will cease when that person dies).
From 1 July 2022, for single pensioners, the pension income test free area is $190 a fortnight and for couples combined, it is $336 a fortnight. This means a single pensioner over Age Pension age with no other private income could earn up to $490 a fortnight from work and still receive the maximum rate of pension.
That means the full new state pension will rise from £185.15 to £203.85 per week (£10,600/year); the old state pension will go up from £141.85 to £156.20 per week (£8,122/year).
Lower-income pensioners who claim pension credit will receive the money in addition to the £650 support for those on benefits. This means a small group of pensioners with disabilities will receive a total of £1,500.
DWP benefits that are linked to inflation rise by 10.1% in April 2023, as do the basic and new State Pension. Inflation-linked tax credit elements and benefits administered by HMRC are also expected to rise by 10.1%.
Latest Age Pension rates (from 20 September 2022)
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
Anyone receiving the State Pension will get what's known as a Christmas bonus. The extra £10 cash is tax-free and usually paid just before Christmas.
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple.
Many married women are entitled to a basic state pension at 60 per cent of the full rate because of their husband's record of National Insurance (NI) Contributions in circumstances where their own record of NI Contributions would provide a lower pension.
Your State Pension will normally stop being paid when you die. But sometimes, your husband, wife, or civil partner (if you have one) could inherit some of your State Pension. This depends on the amount of National Insurance contributions you both made, and when you both reached (or will reach) State Pension age.
Any dependant's pensions that are due are usually paid to the member's legal spouse or registered civil partner. Some, but not all, schemes might pay the pension to a partner, with whom the deceased member was living when they died, who was financially dependent on the member.
For example, if you are a single homeowner you can get a full pension with an asset limit of $270,500. As a couple with a home and combined assets your limit is reached at $405,000 to receive a full pension.
The ASFA Retirement Standard Explainer says a comfortable retirement lifestyle would need $640,000 in super for a couple, or $545,000 for a single person.
Age Pension Rate
The maximum rate for a couple is $744.40pf per person, so if one person is eligible, this would be the maximum you could receive.
Most people on a weekly social welfare payment will get a double payment in the week beginning 17 October 2022.
Pensioner households will receive an extra £300 Pensioner Cost of Living Payment this year to help them cover the rising cost of energy this winter. If you are entitled to a Winter Fuel Payment for winter 2022 to 2023, you will get this extra £300 paid with your normal payment from November 2022.
Anyone who is eligible can receive £100-£300 each year. This year, the Government will give about eight million pensioners an extra £300, which is called the pensioner cost of living payment, to help with rising costs.
Chancellor confirms triple-lock 10.1% increase in State Pensions from April 2023. CSPA welcomes confirmation in the Chancellor's Autumn Statement that the State Pension triple-lock will be restored for the uprating due from April 2023.
How much State Pension will I get? The latest change announced was a 3.1% rise which came in with the new tax year – starting on 6 April, 2022.
The Department for Work and Pensions (DWP) has today announced more detail on the payment schedule for the next round of cost of living support unveiled in the Chancellor's Autumn Statement, building on payments made to over eight million people in 2022.
Chancellor announces £300 fuel payment for pensioners and £400 energy discount for all households. Britons aged 65 and over are to be given an extra £300 winter fuel payment as part of the Chancellor's cost of living rescue package.
The £300 payment will be made on top of Winter Fuel payments, which in late 2022 were made to nearly every pensioner who turned 66 born before September 26, 2022. In winter 2023/2024, the Winter Fuel and Cost of Living Payments are expected to be made to those who reach the state pension age before September 25, 2023.
£400 off your energy bills
All households with a domestic electricity connection will be automatically paid a £400 payment over 6 months between October 2022 and March 2023 to help with energy bills.