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The Actuary The magazine of the Institute & Faculty of Actuaries

£140 a week state pension for all from 2016

The UK government is believed to be considering a basic state pension paying a flat rate of £140 a week for everyone who retires after 2016. This is higher than the basic state pensions currently received: a single person’s pension of £96.65 a week, or up to £132.60 with means-testing (which would not be necessary with a higher state pension).

The question has been raised about what will happen to those people who can expect a higher state pension than £140 a week as a result of additional contributions they choose to make. The Liberal Democrat MP on the House of Commons Work and Pensions Committee, Stephen Lloyd, defended the idea by saying that “provided that is the floor, most people will build on top of that and what they get on top of that will precisely reflect what they’ve earned and what they’ve put in”.