The full rate of the single-tier pension will start at £155.65 from April 2016, the Chancellor has confirmed in today’s Autumn statement.
Chancellor George Osborne told the House of Commons that nest year the basic state pension would rise by £3.35 to £119.30 a week.
He also said increases in auto-enrolment contributions would be aligned with the start of the tax year, rather than 1st October 2017 and 1st October 2018, although he did not make clear whether the increase would be pushed back or forwards.
Osborne said: “This is the biggest increase to basic state pension for 15 years. Pensioners will be £1,125 a year better off than before we took office.”
