The basic state pension is set to rise by 2.5 per cent next April, “higher than either earnings or inflation”, Chancellor George Osborne confirmed today in his Autumn Statement.
Osborne stated that this will take the level of the full basic state pension to £110.15 a week. He added that the state pension has “this year gone up by the largest cash amount in its history”.
The basic state pension is now set by a ‘triple lock’ to ensure that pension provision is made as attractive as possible irrespective of the economic climate.
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