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£100 a year increase in state pension

The basic state pension will rise by £100 a year at least according to Chancellor Gordon Brown in his pre-Budget report.

The Chancellor, speaking in the House of Commons this afternoon, will guarantee that pensioners beat the Government&#39s 2.5 per cent inflation target each year.

He also announced that full details of the pensions credit will be revealed by the Secretary of State for Work and Pensions Alistair Darling this week.

But the announcement does not appear to address industry concerns that the pensions credit represents a 40 per cent tax on savings when taken in conjunction with the minimum income guarantee.

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