Biggest ever cash increase to the basic State Pension as it rises to £107.45 in 2012/13
- Published on Wednesday, 07 December 2011 10:48
- Posted by Scott Buckler
Pensioners will benefit from the biggest cash increase to their basic State Pension from next April as it goes up by September’s Consumer Prices Index of 5.2% - an increase of £5.30 a week
This is the biggest cash increase since the State Pension was first introduced.
Minister for Pensions Steve Webb said:
"Our ‘triple lock’ commitment to give pensioners the best of prices, earnings or 2.5% on their basic State Pension gives them the reassurance that their pension will increase by a fair amount every year.
"It also means that by next April the basic State Pension will be worth 17% of average earnings, the highest it has been in any year since 1997."
The poorest pensioners will also see the benefit of the triple lock as the Pension Credit Standard Minimum Guarantee rises by £5.35 a week. The state additional pension (SERPs) will also increase this year in line with September’s CPI, after being frozen in 2010 and increased by 3.1% last year.
Ministers also confirmed that support for disabled people will be protected with a 5.2% increase to their benefits.