The Upcoming DWP Bonus Payments and Financial Support for State Pensioners.As the holiday season approaches, it’s crucial for people of State Pension age to be aware of the various bonus payments and financial support available. While most are familiar with the dates of their Basic or New State Pension payments, they might not be aware of the additional one-off payments that can provide crucial extra financial assistance.
The Upcoming DWP Bonus Payments and Financial Support for State Pensioners
September 12: Earnings Growth Figures
On September 12, the eagerly anticipated earnings growth figures will be released. These figures provide a hint of how much the State Pension might increase in April 2024, as they are a key component of the Triple Lock policy, which determines annual State Pension upratings.
Winter Fuel Payment 2023/24
The Department for Work and Pensions (DWP) has issued guidance for the Winter Fuel Payment 2023/24. Most recipients won’t need to make a claim, but new claims can be made by post starting September 18 and over the phone from October 4. This year, eligible recipients will receive an extra £150 or £300 top-up with their normal payment from November as part of the UK Government’s cost of living support.
September Continued September 20
August CPI Inflation Rate
While the August CPI inflation rate won’t impact the April uprating of the State Pension, it is vital for comparing CPI and earnings growth, a significant factor in the Triple Lock calculation.
£300 Means-Tested Cost of Living Payment
Scheduled sometime in September through November, the second instalment of the £900 cost of living payment is worth £300. The payment window and qualifying period have not been announced yet, but there is still time for new claimants to qualify.
October 1: New Ofgem Price Cap
Starting on October 1, the new energy price cap will come into effect. Households should prepare for higher energy costs, as the monthly £66/£67 discount applied last winter will no longer be available.
September Inflation Figure
The September CPI inflation figure determines the State Pension Triple Lock uprating for the upcoming financial year, beginning in April. Chancellor Jeremy Hunt will confirm the annual State Pension and benefits uprating during his Autumn Statement on November 22, 2023.
November 6-12: Winter Heating Payment Qualifying Week
For winter 2023/24, the devolved Winter Heating Payment has increased to £55.05. To qualify, individuals on certain benefits must be in claim during this specific week.
Winter Fuel Payments and Pensioner Cost of Living Payment
Eligible pensioner households will automatically receive an extra £300 cost of living payment added to their Winter Fuel Payment 2023/24, with payments scheduled from November to January.
£150 Warm Home Discount Scheme
Typically opening in November, the Warm Home Discount Scheme offers a one-off discount on electricity bills, directly paid to suppliers between October and March. Eligibility rules were introduced last year.
December DWP £10 Bonus
In December, eligible recipients of the State Pension and 20 DWP benefits will receive a one-off, tax-free £10 bonus. This typically occurs during the first full week of December (4-10 for 2023).
Christmas Bank Holidays
Bank holidays on December 25 and 27 will affect payments from DWP, HMRC, and Social Security Scotland. Official announcements on payment changes for these days are expected closer to the holiday season.
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