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Autumn Statement: State pension to increase to £107.45 in next financial year


The basic state pension will next April rise by £5.30 to £107.45

In delivering his Autumn Statement today, chancellor George Osborne said this was "the largest ever cash rise in the basic state pension and a commitment of fairness to those who have worked hard all their lives"

He added: "I wanted to make sure that poorer pensioners did not see a smaller rise in their income.

"So I can confirm today that we will also uprate the pension credit by £5.35 - and pay for this with an increase in the threshold for the Savings Credit.

"I also want to protect those who are not able to work because of their disabilities and those, who through no fault of their own, have lost jobs and are trying to find work.

"We will uprate working age benefits in line with September's CPI inflation number of 5.2%.

"This will be a significant boost to the incomes of the poorest, especially when inflation is forecast to be considerably less than that by next April"