FINANCE
Paul Lewis
As we reach the new financial year, our expert gives the lowdown on state pension increases, as well as changes in benefit payments and taxes
illustrations ELIOT WYATT
Your state pension will rise from 7 April by up to 4.1%. The standard new state pension will be £230.25 a week and the basic old state pension £176.45. But millions will not see the full effect of this rise until May; some will have to wait until 30 May.
Most pensioners are paid four weeks in arrears. The date the first payment arrives depends on two things: your payday and your payment cycle. Both are set by your National Insurance number. The last two digits determine the day of the week you are paid, and you are only entitled to the new increased pension from that day. If that is a Wednesday, you will be due the pension at the new rate from Wednesday, 9 April. But you will not actually get it then because it is paid in arrears.