Government will raise state pensions

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Government will raise state pensions

The government has announced that it will increase the basic state pension by five per cent from April next year, in order to help poor pensioners struggling with the cost of living.

Announced by the Department for Work and Pensions, the rise is part of a series of measures designed to ease the financial pressure on retirees, which will also see the biggest ever increase in pension credit.

The rises will see those on full state pensions receive £95.25 per week instead of £90.70 and will see pension credit go up from £124.05 to £130 per week.

Minister for pensions and the ageing society Rosie Winterton said: "I want to do all we can to help those pensioners on the lowest incomes and the increase in pension credit will mean that we can lift even more people out of poverty."

A recent survey by Just Retirement showed that 46 per cent of pensioners were worried by the fall in their disposable income caused by the economic downturn.

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