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06/04/2009
Pensioners Benefit From 5% Increase In State Pension
The weekly full basic State Pension will rise by five per cent from £90.70 to £95.25 from today - almost an extra £5 a week.
Around 12 million pensioners will benefit from this increase in their State Pension, the biggest percentage increase since 2001.
Minister for Pensions and the Ageing Society Rt Hon Rosie Winterton MP said: "The increase in the basic State Pension will put extra cash in pensioners' pockets every week, to help them through these tough times.
"Poorer pensioners will get real help through the biggest ever rise in Pension Credit, which tops up their income, such as State Pension or a private pension, and which will ensure no pensioner needs to live on less than £130 a week, or £198 for couples.
"I know at the moment, people are feeling the pinch and have concerns about finances. But it's worth looking at how far we have come in helping vulnerable pensioners in the last ten years. In that time we've lifted nearly a million pensioners out of poverty.
"Only last month an EU Commission report showed that the income of the UK's pensioners has increased significantly over the last decade. In 1997 our pensioners' income was well below the European average. Today their income is nearly ten per cent higher than the European average. Even the poorest pensioners in the UK are better off than the poorest pensioners in France or Germany."
The new rate represents an increase of five per cent in line with last September's Retail Prices Index.
The Chancellor committed to an annual uprating of the Basic State Pension by the increase in the September Retail Prices Index or 2.5 per cent, whichever is the highest in the Pre-Budget Report in 2001.
From 6 April the Pension Credit standard minimum guarantee will increase by the largest amount since it was introduced in 2003 from £124.05 to £130.00 a week. Couples will see their Pension Credit award rise from £189.35 to £198.45 a week.
Decisions on benefits uprating for 2010/11 will be made towards the end of the year.
(JM/BMcC)
Around 12 million pensioners will benefit from this increase in their State Pension, the biggest percentage increase since 2001.
Minister for Pensions and the Ageing Society Rt Hon Rosie Winterton MP said: "The increase in the basic State Pension will put extra cash in pensioners' pockets every week, to help them through these tough times.
"Poorer pensioners will get real help through the biggest ever rise in Pension Credit, which tops up their income, such as State Pension or a private pension, and which will ensure no pensioner needs to live on less than £130 a week, or £198 for couples.
"I know at the moment, people are feeling the pinch and have concerns about finances. But it's worth looking at how far we have come in helping vulnerable pensioners in the last ten years. In that time we've lifted nearly a million pensioners out of poverty.
"Only last month an EU Commission report showed that the income of the UK's pensioners has increased significantly over the last decade. In 1997 our pensioners' income was well below the European average. Today their income is nearly ten per cent higher than the European average. Even the poorest pensioners in the UK are better off than the poorest pensioners in France or Germany."
The new rate represents an increase of five per cent in line with last September's Retail Prices Index.
The Chancellor committed to an annual uprating of the Basic State Pension by the increase in the September Retail Prices Index or 2.5 per cent, whichever is the highest in the Pre-Budget Report in 2001.
From 6 April the Pension Credit standard minimum guarantee will increase by the largest amount since it was introduced in 2003 from £124.05 to £130.00 a week. Couples will see their Pension Credit award rise from £189.35 to £198.45 a week.
Decisions on benefits uprating for 2010/11 will be made towards the end of the year.
(JM/BMcC)
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Ahead of their annual party conference, which opens today, the Tories have said that they will increase the basic state pension by around £7 a week to single pensioners, and £11 a week for couples. The Tories claim that under their plan, the current basic state pension of £77.45 a week would rise to £92.40.
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Lib Dems pledge extra £25 for single pensioners
The Lib Dems have today published their vision for pensions – the 'Citizens Pension' which will see single pensioners over 75 receive an extra £25 a week. Couples over 75 could expect to get an extra £33.70 a week under a Lib Dem administration – and all paid for through the abolition of the DTI. The cost of the policy – which would provide £105.
Lib Dems pledge extra £25 for single pensioners
The Lib Dems have today published their vision for pensions – the 'Citizens Pension' which will see single pensioners over 75 receive an extra £25 a week. Couples over 75 could expect to get an extra £33.70 a week under a Lib Dem administration – and all paid for through the abolition of the DTI. The cost of the policy – which would provide £105.
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