Millions of over-65s will see more cash drop into their bank accounts
Rachel Reeves has confirmed latest pension rates.(Image: Getty Images)
A big change to the state pension will be happening from the start of April.
Payment rates will be gong up for millions of over-65s.
Higher amounts will take effect from the first full week of April, with more cash dropping into bank accounts.
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Latest rates have been confirmed by Chancellor Rachel Reeves under triple lock rules.
While all pension payments are going up, not everyone receives the same amount.
It depends how old you are and when you retired, as there are two types of pension.
Everyone who has retired since April 2016 is on the new full state pension.
They will be seeing their payments going up by £44 extra a month, and £575 over a year.
All older pensioners receive the older, basic pension, which has a lower rate.
This version of the pension will be rising by £440.
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Pensioners on the lower rate may get other top-up payments to at least partially make up the gap, though there are complaints the system is not fair for all.
Latest rates have been set by the triple lock, which ensures the state pension increases every year to match whatever is highest out of inflation, wage growth and 2.5%.
It comes at the same time as another major state pension change.
From April, the age at which Brits claim will gradually start to rise from 66 until it eventually reaches 67.