SE76003 – Social Security benefits: rates payable

Rates of Social security benefits payable

Forms P242 show the standard basic rates of the main taxable benefits for each tax year. Only use these forms as a guide because often a different amount is payable, as shown below:

• many retirement pensioners get more than the basic retirement pension. This may be because of the earnings-related part of the pension or because the pensioner earned extra pension by deferring retirement beyond State pension age (see SE76161)
• the full standard basic rate of pension or benefit may not be payable if the individual has only partially satisfied the contribution conditions
• if a claimant, or a dependant for whom he or she receives benefit, goes into hospital, the amount of benefit payable may be reduced (see SE76006)
• where someone is entitled to more than one Social Security benefit, normally both amounts will not be payable in full. SE76007 has details about “overlapping benefits”.