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<p>As a result of the Triple Lock, from April 2019, the full yearly amount of the
basic State Pension is around £675 higher than if it had just been up-rated by earnings
since April 2010. That’s a rise of over £1,600 in cash terms.</p><p /><p>The Government
is committed to ensuring economic security for people at every stage of their life,
including during retirement. We are forecast to spend over £120 billion on benefits
for pensioners in 2019/20. This includes £99 billion of expenditure on the State Pension.</p><p>
</p><p>In 2019/20, the basic State Pension and the new State Pension (apart from Protected
Payments) were both uprated by 2.6%. This was in line with the Triple Lock guarantee
that these will rise by the highest of average earnings growth, price inflation, or
2.5%. In 2019/20 the highest measure was earnings growth at 2.6%. The full basic State
Pension went up by £3.25 to £129.20 a week whilst the full rate of the new State Pension
rose by £4.25 to £168.60 a week.</p><p> </p><p>Protected Payments, Additional State
Pension and Graduated Retirement Benefit elements are uprated each year by the increase
in prices. They rose by 2.4% (CPI) in 2019/20.</p><p> </p><p>The 25p age addition
to contributory and non-contributory retirement pensions is paid with the State Pension
when individuals reach age 80. It is a separate issue from the uprating process outlined
above. When the age addition was first introduced in 1971 the value of the basic State
Pension for a single person was £6 per week and the amount of 25p constituted a more
substantial sum in relation to the total State Pension than it does nowadays in relation
to the current basic State Pension of £129.20 a week.</p><p> </p><p>Although there
are no plans to uprate the age addition amount, this should be considered alongside
the range of other measures and benefits, including Pension Credit, that are available
to pensioners, over age 80. Moreover, people who are aged 80 and over receive a Winter
Fuel Payment of £300, instead of the standard Winter Fuel Payment of £200 for pensioners
below that age. Additionally, the non-contributory Category D State Pension is available
to those aged over 80 with either no entitlement to a basic State Pension or who are
entitled to State Pension of less than £77.45 per week who meet the residency conditions.</p>
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