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Govt plans new £155 flat rate state pension

The Government is set to unveil plans for a new flat rate state pension worth at least £155.

The full proposals will be published next week, the BBC has reported.

It is thought that increases linked to inflation will push up the means tested guaranteed pension to around £155 over the next few years.

Currently the full state pension is £97.65 a week for men and women, which can be topped up through means testing to reach a minimum income of £132.60.

Couples get £202.40 a week through the means-tested pensions credit.

The leaked plans have emerged after Chancellor George Osborne said the pension age could be linked to longevity in his Budget speech last week.

The Government initially put forward plans for a universal state pension of around £140 a week for future retirees.


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John Joe McGinley, Business consultancy manager, Aegon

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