The state pension differs from a private pension, in that the former can be claimed from the government by those eligible.
This means retirees who have reached state pension age, and if they’re eligible, can claim a sum of money as a weekly payment – which is the state pension.
According to Which?, the government confirmed the basic and single-tier state pension rates which will be effective from April 6 ,2019.
And, it could be good news for some, as it seems the amount could be about to rise in the 2019/2020 tax year.
So, how much could you expect to get following this change?
Full basic state pension
According to Which?, the new state pension rates could add up to be quite a large amount over the period of a year.
The current maximum state pension rate stands at £125.95 per week – but Which? have reported that this could rise to £129.20, come April 6 next year.
This is an increase of £3.25 per week – which would work out at an extra £169.
Although, it’s worth bearing in mind that in order to access the basic state pension, you must have paid – or been credited with – National Insurance contributions.
Full new state pension
While the amount you’re entitled to will depend on your National Insurance record, the full new state pension is currently £164.35 per week.
In April next year, Which? have reported that this maximum amount will rise from £168.60 – which works out at £4.25 more per week.
Pension credit
Pension credit is a means-tested benefit, which retirees may be awarded based on their earnings.
The benefit consists of two sections: guarantee credit and savings credit.
Both payments will increase at the CPI rate of inflation in April 2019 – which is 2.4 per cent.
The former is a top-up amount, which ensures your weekly income reaches a minimum threshold.
On April 6 next year, it will rise from a maximum of £163 to £167.25 per week for a single person – while for a couple, the top amount will see a boost from £248.80 to £255.25.
Savings credit, however, is an additional payment which is given as a reward to some people for saving towards retirement.
The amount for a single person currently stands at a top amount of £13.40 per week, and this will rise to £13.72 next year.
READ MORE: How much is the state pension in the UK? What amount can Britons claim?