Some changes will affect everyone, while others are specific to groups such as married women and the over-80s
It's nearing the time of year when changes happen to various things that affect us financially. The new tax year beginning in April is often the time when adjustments are made.
State pension triple lock The first key change for Britons to make note of is the return of the state pension triple lock. The mechanism was temporarily suspended last year, due to warped earnings data as a result of COVID-19, meaning the Government deemed a predicted eight percent rise as unaffordable.
People are eligible if they are a woman born on or after April 6, 1953, or a man born on or after April 6, 1951. To get any new state pension, Britons typically need 10 qualifying years of contributions, rising to 35 for those who want to secure the full sum. Some may get less than the full new state pension if they were contracted out before April 6, 2016.Basic state pension Another change to make note of is an increase to the basic state pension - the older scheme.
Over-80s pension In addition, another change relates to the over-80s state pension. Individuals cannot get the over 80 pension if they reached state pension age on or after April 6, 2016, but for older people, this could be particularly useful.
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