The cost of living crisis and high inflation continues to bite for millions of households right across the UK. Older households are particularly feeling the pinch, given many are on a limited income. However, there are some changes in 2023 which will hopefully go some way to helping pensioners. What are they?
Chancellor Jeremy Hunt has confirmed the return of the triple lock, in welcome news for older Britons.
He said in his Autumn Statement: “Because we have taken difficult decisions elsewhere in this statement, I can announce that we will fulfil our pledge to the country to protect the pensions triple lock.
“So, in April, the state pension will increase in line with inflation, an £870 increase which represents the biggest ever cash increase in the state pension.”
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Pension Credit will also rise by 10.1 percent, Mr Hunt confirmed, as he said: “To support the poorest pensioners, I have decided to increase Pension Credit by 10.1 percent.
“This is worth up to £1,470 for a couple and £960 for a single pensioner in our most vulnerable households.”
Pension Credit is designed to provide a top up for those on a low income.
Single people can expect £201.05 per week, and for couples £306 weekly.
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The Government has vowed to uprate all benefits by 10.1 percent, which has been described as an “expensive commitment”.
However, for those in receipt of Attendance Allowance, this is likely to be good news.
It means the lower rate of the benefit will increase from £61.85 to £68.10 per week.
While the higher rate will rise from its current £92.40 to £101.75.
Attendance Allowance helps people with extra costs if they have a disability or condition severe enough to require help.