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Presenting his Budget statement, Chancellor
George Osborne said: “Over time we will
simplify the tax system for pensioners by
                                                    Budget 2012
doing away with the complexity of the
additional age-related allowances for anyone
                                                    Pensioners will receive a flat-rate state pension from 2016
reaching the age of 65 on or after 6 April
2013 and I will freeze the cash value of the
allowance for existing pensioners until it aligns   The Chancellor Mr Osborne confirmed           by a single scheme, will cost no more      implementation. Pensioners already
with the personal allowance.                        during his Budget 2012 speech a pledge to     than the existing state pension system.    receiving the state pension will not
                                                    combine the two state pensions into one                                                  move onto the new scheme.
“We want to simplify the Basic State Pension        simplified pension, as well as increasing     Small or no contributions
and its interaction with the second state           the state pension age automatically in line   This means that while those on low         Mr Osborne also announced that an
pension. So I can confirm that we will introduce    with rises in longevity.                      incomes who have made small or             automatic review of the state pension
a new single tier pension for future pensioners,                                                  no contributions to S2P will benefit       age (SPA) would be introduced to
set above the means test. This is currently         The full Basic State Pension is currently     from a higher pension than they            take account of increases in longevity.
estimated at around £140. It will be based on       £102.15 a week, rising to £107.45 from        could currently expect, people who         Details of how this will be done will
contributions. And it will cost no more than        April this year. Pensioners will receive      earn higher salaries may lose out.         be published alongside the Office
the current system in any year. We will bring       a flat-rate state pension, initially it is    The current full basic state pension is    for Budget Responsibility fiscal
forward further details later this spring.”         estimated that it will be worth about         £102.15 a week (rising to £107.45 from     sustainability report.
                                                    £140 a week for those with a 30-year          April 2012), but those at the top end of
The complexities of the upcoming automatic          national insurance record, from 2016.         the salary scale can expect up to £180
enrolment process meant that alongside the                                                        a week in combined pension payments.        GET IN TOUCH
existing state pension setup, some employees        Long-awaited change                                                                       To review the key issues that should
enrolling into a workplace pension scheme           The government says the long-awaited          Retiring after                              be on your agenda following Budget
would actually have found themselves                change, which will see the current basic      implementation                              2012, please email or telephone us –
penalised financially when they reached             state pension and second state pension        The flat rate pension will only             and we’ll get in touch.
retirement – a wholly unattractive prospect.        (S2P, formerly known as Serps) replaced       apply to those retiring after

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State Pension

  • 1. Presenting his Budget statement, Chancellor George Osborne said: “Over time we will simplify the tax system for pensioners by Budget 2012 doing away with the complexity of the additional age-related allowances for anyone Pensioners will receive a flat-rate state pension from 2016 reaching the age of 65 on or after 6 April 2013 and I will freeze the cash value of the allowance for existing pensioners until it aligns The Chancellor Mr Osborne confirmed by a single scheme, will cost no more implementation. Pensioners already with the personal allowance. during his Budget 2012 speech a pledge to than the existing state pension system. receiving the state pension will not combine the two state pensions into one move onto the new scheme. “We want to simplify the Basic State Pension simplified pension, as well as increasing Small or no contributions and its interaction with the second state the state pension age automatically in line This means that while those on low Mr Osborne also announced that an pension. So I can confirm that we will introduce with rises in longevity. incomes who have made small or automatic review of the state pension a new single tier pension for future pensioners, no contributions to S2P will benefit age (SPA) would be introduced to set above the means test. This is currently The full Basic State Pension is currently from a higher pension than they take account of increases in longevity. estimated at around £140. It will be based on £102.15 a week, rising to £107.45 from could currently expect, people who Details of how this will be done will contributions. And it will cost no more than April this year. Pensioners will receive earn higher salaries may lose out. be published alongside the Office the current system in any year. We will bring a flat-rate state pension, initially it is The current full basic state pension is for Budget Responsibility fiscal forward further details later this spring.” estimated that it will be worth about £102.15 a week (rising to £107.45 from sustainability report. £140 a week for those with a 30-year April 2012), but those at the top end of The complexities of the upcoming automatic national insurance record, from 2016. the salary scale can expect up to £180 enrolment process meant that alongside the a week in combined pension payments. GET IN TOUCH existing state pension setup, some employees Long-awaited change To review the key issues that should enrolling into a workplace pension scheme The government says the long-awaited Retiring after be on your agenda following Budget would actually have found themselves change, which will see the current basic implementation 2012, please email or telephone us – penalised financially when they reached state pension and second state pension The flat rate pension will only and we’ll get in touch. retirement – a wholly unattractive prospect. (S2P, formerly known as Serps) replaced apply to those retiring after