universal pension

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universal pension

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In April 2016 the basic state pension will be replaced with the universal pension. All those reaching retirement age after then, and meeting the 35 year contributions qualification level, will receive the universal pension, currently suggested by the government website at around £144 for a single person.

For those having reached the retirement age before the transition date, the new basic state pension will be pegged to the old, calculated at an increase on the current pension of 2 ½ % (or the RPI, whichever is greater) per year until 2016, making their pension around £118.

However, those in receipt of Pension Credit will receive the new higher rate.

In other words, despite the fact that a person may have made considerably more payments than those retiring after the transition date, they will receive some £26p.wk. less in state pension.

A universal pension should be as it says – universal – with the same rate for everyone.

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