More support is on the way for pensioners (Picture: Getty Images)

As the rate of inflation and rising prices continue to cause concern for many, there is help on the horizon in the form of cost of living payments.

Over eight million households in the UK will receive payments of £900 this year, with the first £301 payment due towards the end of April.

Millions of pensioners are also set to receive a helpful hand, as the DWP – Department of Work and Pensions – will be weekly payments rates shortly after the start of the new fiscal year.

Pension credit, state pension rates and the additional state pension will all be boosted, giving the 12.5 million pensioners in the UK a much-needed hand as they manage rising food prices and energy bills 

Here is everything you need to know about the increased rates, and when to expect the payments to rise…

Basic state pension

The Basic State Pension is only paid to those who retired before April 6, 2016, and have contributed up to 30 years of National Insurance payments.

It will rise from £141.85 to £156.20 in April 2023.

For more details on the New State Pension, check out the dedicated government webpage.

New state pension

the New State Pension will see the weekly payment increase from £185.15 to £203.85. 

Those eligible for the New State Pension include:

Men born on or after April 6, 1951

Women born on or after April 6, 1953

You will also need to have at least 10 qualifying years on your National Insurance record to be eligible. However, they do not have to be 10 qualifying years in a row.

You could also qualify if you’ve paid married women’s or widow’s reduced rate contributions.

For more details on the New State Pension, check out the government webpage.

Pension credit

Pension credit – which is separate from your state pension – is a payment given to individuals over the State Pension age and who are in a low-income household.

From April, the minimum guarantee for a single person will be raised from £182.60 to £201.05 per week.

The payment increases will be coming into effect at the start of the new financial year in April (PicturE: Getty)

Couples meanwhile will see an increase from £278.70 to £306.85 a week.

You are eligible for pension credit even if you have other income, savings or own your own home.

if you are eligible for pension credit, then you could also be entitled to other help including a council tax discount and support for mortgage interest.

For more details on pension credit, head to the government website.

Additional state pension

The additional state pension is an extra amount of money that can be added on top of your Basic State Pension.

The amount you receive – if you are eligible – is determined by your National Insurance record and earnings.

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Those eligible to receive the Additional State Pension include:

Men born before April 6, 1951

Women born before April 6, 1953

From April, the maximum sum people can receive from the Additional State Pension increase from £185.90 to £204.68 per week.

If you are eligible, it is automatically added to your basic state pension.

For more information on additional state pensions, please visit the government website.

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More aid is on the way.