People who go abroad for over a month will no longer be eligible for pension credit. At present, housing benefit and pension credit recipients can go abroad for up to 13 weeks while continuing to receive payouts.<\/p>\n
The spending review says: \u2018The benefit system should not subsidise those on benefits to go abroad for extended periods. This reform will ensure the benefit system is not paying the rent of people who go abroad for more than four weeks at a time.\u2019<\/p>\n
Basic State Pension increase Meanwhile, the \u2018triple lock\u2019, which ensures the State Pension rises in line with whichever is highest out of CPI inflation, average earnings increase or 2.5%, will be maintained.<\/p>\n New State Pension rate<\/strong><\/p>\n Higher rate than means tested benefits for the lowest earners in society<\/strong><\/p>\n The full State Pension rate for people reaching their State Pension Age from 6 April 2016 will be set at \u00a3155.65 pw. Mr Osborne says this is a higher rate than means tested benefits for the lowest earners in society.<\/p>\n People who contracted out of the top-up S2P and Serps schemes over the years may get less than this.<\/p>\n State Pension \u2013 what you need to know<\/strong> This two-tier system will change from 6 April 2016 and be entirely replaced for those reaching their State Pension age on or after that date by a \u2018flat rate\u2019 pension. George Osborne announced that the starting rate will be \u00a3155.65 a week.<\/p>\n Workers need to have 30 years of qualifying National Insurance contributions to get the current full State Pension, but will need 35 years of contributions to get the full flat rate State Pension in future.<\/p>\n Even if you paid in full for a whole 35 years, if you contracted out for some years, it might still reduce what you get.<\/p>\n Rises in the State Pension are presently calculated on the basis of what is known as the \u2018triple lock\u2019. This means that payouts always increase by whatever is the highest of inflation, average earnings or 2.5%.<\/p>\n","protected":false},"excerpt":{"rendered":" Cuts for people who go abroad for over a month People who go abroad for over a month will no longer be eligible for pension credit. At present, housing benefit and pension credit recipients can go abroad for up to 13 weeks while continuing to receive payouts.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1506"}],"collection":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1506"}],"version-history":[{"count":0,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1506\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>Rising in line with the highest out of CPI inflation, average earnings increase or 2.5%
\nThe basic State Pension will increase in tax year 2016\/17 by \u00a33.35 to \u00a3119.30 per week. Chancellor George Osborne stated this will make pensioners \u00a31,125 a year better off.<\/p>\n
\nThe basic State Pension is currently \u00a3115.95 a week, and it will rise to \u00a3119.30 from April (applies to those reaching their State Pension age before 6 April 2016). It is currently topped up by additional State Pension entitlements \u2013 S2P and Serps \u2013 accrued during working years.<\/p>\n