The new proposals are a massive increase on the New State Pension which sees people paid £203.85 a week and the old Basic State Pension of £156.20 a week
The Department for Work and Pensions has responded to a proposal that could see State Pension increased to £416 a week for anyone over the age of 60.
"A State Pension age of 60 for all, based on 40 hours a week at the minimum wage, reflects that there has been a decline in improvements in life expectancy, and that health often deteriorates long before people are able to claim State Pension currently." "In April, the State Pension saw its biggest ever rise, increasing by 10.1 per cent. The full yearly rate of the new State Pension is now over £10,600 per year. In addition, the full yearly amount of the basic State Pension is over £3,050 higher, in cash terms, than in 2010. That’s £790 more than if it had been uprated by earnings and £945 more than if it had been uprated by inflation .
"Around 1.4 million of the most vulnerable pensioners also receive some £5 billion of Pension Credit, which tops up their retirement income and is a passport to other financial help such as support with housing costs, council tax, heating bills and a free TV licence for those over 75. "Automatic enrolment into workplace pensions was introduced in 2012 to encourage more people to save for their retirement – over 10 million employees have already been automatically enrolled into a workplace pension. Together, the new State Pension and Automatic Enrolment to workplace pensions provide a robust system for retirement provision for decades to come.
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