PAY DAY

Millions of grandparents to get pay rise next year – how much will you get?

MILLIONS of grandparents will get a pay boost next year as state pension and benefit payments go up.

It'll see cash-tight struggling pensioners get help towards their food and energy bills.

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How much of an increase with pensioners see next year?Credit: Alamy

The increase is due to benefits and Universal Credit payments rising in line with September's inflation rate of 10.1% next April.

Last April, benefits rose by 3.1% but bills and food prices have increased since then.

The UK’s rate of inflation fell to 10.7% in November as petrol prices dropped easing some of the pressure on people's finances.

Retirees on pension credit, attendance allowance and state pension will be getting a top up.

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But the increases are different for each one, here we explain each.

Pension credit

Pension credit will rise from £182.60 a week to £201.05 in April next year.

For couples, it'll go from £278.70 to £306.85.

If your income is lower than this, you should be eligible for the benefit.

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You'll also need to be over the State Pension age, and there are two parts to the benefit.

Pensioners can be eligible for one or both parts:

  • Guarantee credittops up your weekly income to a guaranteed minimum level.
  • Savings creditprovides extra money if you've saved money towards retirement.

You could get the "Savings Credit" part of Pension Credit if both of the following apply:

  • you reached state pension age before 6 April 2016
  • you saved some money for retirement, for example, a personal or workplace pension

This part of Pension Credit will rise from £14.48 a week to £15.94 or for couples, from £16.20 to £17.84.

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