StatePension News & Analysis
2 articles
Market Mood
Universal Credit Cap Ends: 480,000 Families Gain £4,100 Average Annual Rise
The recent removal of the two-child benefit cap has increased financial support for approximately 480,000 families in the UK, with an average increase of £4,100 annually per family. Starting in May, the child element of universal credit will automatically increase for eligible parents, providing nearly £300 extra monthly for each of three children. Additionally, three million families will see an average universal credit increase of £120 this year. The flat-rate state pension is set to rise to £241.30 weekly, totaling £12,547.60 annually, reflecting a £574.60 increase for those who reached pension age after April 2016.
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State Pension Age Rises to 67, Expect £10bn Savings by 2030
The UK state pension age will rise to 67 starting Monday, increasing monthly payments as well. This change, affecting those born between 6 April and 5 May, 1960, aims to save the Treasury approximately £10 billion annually by 2030. The flat-rate state pension will rise to £241.30 a week, totaling £12,547.60 per year, while the old basic pension increases to £184.90 a week, equating to £9,614.80 per year. Many younger individuals anticipate further increases in the pension age, given expectations for extended working lives.
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