The Chancellor's Autumn Statement

 

The State Pension Age (SPA) is to be raised to age 67 between April 2026 and April 2028.  Further increases to the SPA are possible depending on demographics and longevity.

Basic State Pension (BSP) will be increased from April 2012.  The full BSP will rise by £5.30 to £107.45 per week.  The Married Couple/Joint Civil Partners rate is also increased by £8.50 to £171.85 per week.

The increases are in accordance with the triple guarantee (highest of CPI, average earnings and 2.5%) as announced in the June 2010 Budget.

The Standard Minimum Income Guarantee in Pension Credit will increase by 3.9% in April 2012 to £142.70 per week for single pensioners and £217.90 per week for pensioner couples.

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