Basic state pension to rise by almost 3%; Flat-rate set at £155 a week

Chancellor gives pensioners near 3% pay rise

Jenna Towler
clock

The basic state pension will rise to £119.30 a week from April 2016, George Osborne has confirmed.

Addressing the House of Commons, the Chancellor said it was the biggest real terms increase to the state pension in 15 years.  He also confirmed the flat-rate state pension, which will be brought in from April next year, will be set at £155 a week. Osborne said it was a "commitment to those who have worked hard and contributed to society". It equates to 2.9% and will be worth £174.20 extra a year to someone on a full basic state pension. The government has previously confirmed a 'triple-lock' applies to the state pension, meaning it will rise each April to match the highest out ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension IHT: A minor win for executors, a missed opportunity for HMRC

Pension IHT: A minor win for executors, a missed opportunity for HMRC

'It's a great pity HMRC couldn't have been a bit braver and taken the sensible approach'

Rachel Vahey
clock 09 December 2025 • 3 min read
Salary sacrifice change to 'hit' more than three million workers

Salary sacrifice change to 'hit' more than three million workers

Government releases impact assessment

Jen Frost
clock 05 December 2025 • 3 min read
Andrew Tully: Plummeting pensions confidence is 'siren call' for wide-reaching action

Andrew Tully: Plummeting pensions confidence is 'siren call' for wide-reaching action

'We're seeing a deep erosion of trust in the retirement system'

Andrew Tully
clock 05 December 2025 • 3 min read