MILLIONS of pensioners will see changes come into effect in 2023 – here's what to look out for.

From changing payment dates to a rise in payments – here's what's happening for pensions in the coming months.

Included in the changes are rises with inflation, pension credit need-to-knows and a Pensions Dashboard update.

Here's all you need to know to make sure you're up to date.

Voluntary National Insurance Contributions close in April

State Pension payments are made once you turn 66 – if you qualify – but you'll need to have 10 years of National Insurance contributions to get any money at all.

And to get the maximum amount worth £185.15 under the new pension system, you'll need 35 years of recorded NICs.

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Therefore, it's important you check to see if you have any missing payments, as this could affect your state pension.

You may get gaps in your record if you do not pay National Insurance because you were:

• Employed but had low earnings
• Unemployed and not claiming benefits
• Self-employed but did not pay contributions because of small profits
• Living or working outside the UK

You can check how many years of NI payments you've made and see any missing years on the government website.

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If you don't have enough national insurance contributions to get the full state pension, or even any state pension at all, then you can choose to buy extra credits.

You can do this before the state pension age and once you reach it.

Those who are eligible should check now – you may be able to pay voluntary contributions by April 5 2023 to make up for gaps between April 6 2006 and April 5 2016

State pension increase in line with inflation

The full rate of the new State Pension will rise from £185.15 a week to £203.85.

This is what the state pays those who reached state pension age after April 6, 2016.

For the basic part of the old state pension, the rate will rise from £141.85 to £156.20.

This is paid under the old pension system and is for those who retired before April 6, 2016.

There's also the additional state pension under the old system, which is an extra payment on top of the basic state pension some are entitled to.

The increase will come into effect on Monday 10 April.

Warning for those reaching retirement age

While not yet confirmed, there is some talk of bringing the new state pension age forward

This is currently 66 for both men and women but is set to rise to 67 for those born on or after April 1, 1960 – and again to 68 for Brits born on or after April 1, 1977.

The age Brits can cash in their state pension is set to increase to 67 by 2028, and 68 by 2039.

It would see those who are in their mid-50s having to wait an extra year to get their pension.

And those who are just starting work now could be in their 70s by the time they can claim their state pension.

As things stand, a gradual rise to 67 is set for those born on or after April 1960.

And a gradual rise to 68 between 2044 and 2046 is on the cards for those born on or after April 1977.

To add to that, a review of the state pension age due to begin early next year could bring the date it changes forward.

We don't know when this would be or when it might be confirmed.

Pension credit increase next year

In April, pension credit will rise to £201.05 a week for a single claimants, and £306.85 a week for couples.

According to the DWP, over 850,000 pensioners are missing out on £1.7billion worth of pension credit payments.

These payments can add an extra £3,300 to an average pensioner's annual income.

You can start your application up to 4 months before you reach state pension age.

Applications for pension credit can be made on the government website or by ringing the pension credit claim line on 0800 99 1234.

You’ll need the following information about you and your partner if you have one:

• National Insurance number
• Information about any income, savings and investments you have
• Information about your income, savings and investments on the date you want to backdate your application to (usually 3 months ago or the date you reached State Pension age)

Pension credit tops up your weekly income to £182.60 if you’re single or £278.70 if you have a partner.

You may get extra amounts if you have other responsibilities and costs.

Pension triple lock to stay

Another bonus for retirees is that Chancellor Jeremy Hunt confirmed the Triple Lock would stay.

The triple lock is a calculation used to determine how much the state pension rises by each year.

It was introduced by the coalition government in 2010 and sees pension payments increase in line with whichever of the following is highest:

• Earnings – the average percentage growth in wages in Great Britain
• Prices – the rising cost of living in the UK, as measured by the Consumer Prices Index (CPI)
• 2.5%

This means millions of pensioners will not be left worse off, receiving an £870 rise in state pension payments.

In his Autumn Budget, Hunt said: "I can today announce that we will fulfil our pledge to the country to protect the pensions Triple Lock."

He added: "To the millions of pensioners who will benefit from this measure I say – now and always, this government is on your side."

£300 pensioner cost of living payment

The current Pensioner Cost of Living payment is being given to all pensioners who normally get the Winter Fuel Payment.

This means you qualify if:

• You were born on or before September 25, 1956
• You lived in the UK for at least one day during the week of 19 to 25 September 2022 in what is known as the "qualifying week"

Jeremy Hunt confirmed in his Autumn Statement that millions of elderly Brits will receive another one-off £300 payment in April.

Of course, this is based off this year's eligibility criteria and therefore could change, though we haven't heard anything different yet.

Payment date changes

Benefit payments, including state pension payments, can change depending on Bank Holiday dates.

For example, over this festive period, many payments were made earlier as there have been two extra Bank Holidays – December 27 and then there'll be one on January 2.

If a payment date lands on the weekend it's usually made the first working day before then.

You don't need to do anything if your usual date for getting the state pension falls on a bank holiday but it might be worth making not of the Bank Holidays next year.

They are:

• January 2
• April 7
• April 10
• May 1
• May 8
• May 29
• August 28
• December 25
• December 26

But you should factor any early payments into your budget and make sure it lasts you long enough to take you through to the next month.

If your payment date falls on a normal date you'll get your money as usual.

Pensioners receiving other benefits or Universal Credit will also see their payment dates brought forward if they land the Christmas bank holidays.

Pensions Dashboard coming in next year – we think

The pensions dashboard will allow those in retirement to see all their pensions – including your state pension – all in one place.

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It'll provider retirees with better security as you should be able to access everything much easier.

We don't know all the details but it looks like it'll be made available in Autumn next year so keep an eye out.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected]

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