Reader Question:
I will be 65 in December this year. Could you please tell me how much my state pension will go up?
Thank you.
My response:
I am assuming you are receiving your state pension currently. The Basic State Pension doesn't increase as on each birthday anniversary. Instead the Basic State Pension is increased each April using the increase in earnings, September's annual increase in prices (CPI) or 2.5 per cent, whichever is highest.
Under the terms of this Triple Guarantee the Basic State Pension is likely to increase in 2012 in line with CPI. This means an increase from the current full Basic State Pension of £102.15 a week for single pensioners to £107.46. But this has yet to be officially confirmed. Also don't forget the level of your Basic State Pension is dependent on how many qualifying years of National Insurance you have - not everyone is entitled to receive the full amount.
The additional state pension amounts are increased in line with CPI. The increase is applied in the first week of the new financial year, normally on the first Monday.
I hope that helps
Best Wishes
Damien
Money to the Masses
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