2019 – Changes to the State Pension

The Daily Express reports on the four ways your state pension is changing in 2019.  These are as follows:

“Auto-enrolment rates increase

The amount of money you and your employer put towards your workplace pension through auto-enrolment has increased from five percent to eight percent - of which three percent must be paid by the employer...

Pension lifetime allowance rises

The pension lifetime allowance has increased from £1.03million to £1.055m...

State pension rates go up

This year, retirees will receive extra money as the state pension gets a boost in the 2019/20 tax year.  The state pension has risen by approximately £4.25 a week or £220 a year from April 6...

Pension credit rates increase

The pension credit is a means-tested benefit for pensioners and is based on their earnings.” Read the full article