The Government is planning a substantial increase to the state pension to give every elderly British resident around £140 a week, irrespective of circumstances, Vince Cable confirmed today.
A new ’single tier’ pension which would replace all existing payments would give an income of £7,280 per year or £14,560 for a pensioner couple, if paid at £140 a week.
It would be based on residency in Britain and the new pension would come in towards the end of this Parliament, in 2015.
Source – The Times
