Details of the new State pension rates were announced by George Osborne in the recent Autumn statement.
From April 2016, the rates will be as follows:
- £119.30 per week for existing pensioners (i.e. those who reach state pension age before 6 April 2016)
- £155.65 per week for the new ‘single tier’ state pension for those who reach state pension age on or after 6th April 2016, and have the full 35 years of National Insurance contributions. The actual amount payable could be higher or lower, depending on your National Insurance record.
If you are aged 55 or over, you can apply for a forecast of the amount of State pension you are likely to receive here.