State Pension
New State Pension
| New State Pension | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Full rate | 185.15 | 203.85 |
| Transitional rate below full rate | 3.0902% | 10.0999% |
| Protected Payment | 3.10% | 10.10% |
| Increments – own (based on deferred new State Pension) | 3.10% | 10.10% |
| Increments – inherited (based on deferred old State Pension) | 3.10% | 10.10% |
Old State Pension
| Category | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Category A or B basic pension | 141.85 | 156.20 |
| Category B (lower) basic pension – spouse or civil partner’s insurance | 85.00 | 93.60 |
| Category C or D – non-contributory | 85.00 | 93.60 |
| Additional pension | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Additional pension | 3.10% | 10.10% |
| Maximum additional pension (own + inherited) | 185.90 | 204.68 |
| Increments | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Basic pension | 3.10% | 10.10% |
| Additional pension | 3.10% | 10.10% |
| Graduated Retirement Benefit (GRB) | 3.10% | 10.10% |
| Inheritable lump sum | 3.10% | 10.10% |
| Contracted-out Deduction | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Contracted-out Deduction from AP in respect of pre-April 1988 contracted-out earnings | Nil | Nil |
| Contracted-out Deduction from AP in respect of contracted-out earnings from April 1988 to 1997 | 3.00% | 3.00% |
| Graduated Retirement Benefit | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Graduated Retirement Benefit (unit) | 0.1492 | 0.1643 |
| Increase of long term incapacity for age | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Increase of long term incapacity for age | 3.10% | 10.10% |
| Age 80 addition | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Addition at age 80 | 0.25 | 0.25 |
| Increase of Long-term incapacity for age | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Higher rate | 24.15 | 26.60 |
| Lower rate | 12.10 | 13.30 |
| Invalidity Allowance (Transitional) for State Pension recipients | Rates 2022/23 (£) | Rates 2023/24 (£) |
| Higher rate | 24.15 | 26.60 |
| Middle rate | 15.50 | 17.10 |
| Lower rate | 7.75 | 8.55 |
Bush & Co are here to help you with understanding your pension, please contact us for more information by calling 01392 432525 or emailing mail@streetsbush.co.uk
You can also find more on the benefit and pension rates for 2023 to 2024 by visiting, Benefit and pension rates 2023 to 2024 – GOV.UK (www.gov.uk)
