Skip to the content

State Pensions: General

Table 3: Total spending on State Pensions and other benefits for pensioners (£ billions and % GDP)[1]

Type of benefit

Real terms, 2017/18 prices (£ bn)

 

2016/17

2021/22

2027/28

2037/38

 
 

basic State Pension

71

61

48

24

 

SERPS/ S2P

19

17

13

6

 

new State Pension

5

26

54

144

 

Other elements of State Pension

3

2

2

1

 

Pension Credit

6

5

4

4

 

Other pension benefits[2]

2

2

2

2

 

Total Pensions

106

112

123

180

 

% of GDP

5.1

5.0

5.0

5.9

 

 

 

 

 

 

 

Housing related benefits[3]

6

5

6

10

 

Attendance Allowance and Disability Living Allowance

11

12

13

17

 

Total pensions + benefits paid to pensioners

123

130

142

207

 

% of GDP

5.9

5.8

5.8

6.8

 

Important: The table above contains official Government projections under the current State Pension system, set out in the Pensions Act 2007 and the reforms outlined in the Pensions Act 2014.

 

[1]DWP(2018)  https://www.gov.uk/government/publications/benefit-expenditure-and-caseload-tables-2018

 These are the official Government projections.

[2] ‘Other pension benefits’ comprise Winter Fuel Payments, Over 75s TV Licences and Christmas Bonus

[3] Housing-related benefits’ comprise Housing Benefit, Council Tax Support in Great Britain, Rate Rebate in Northern Ireland, and Discretionary Housing Payments

 

 

Back to index of tables

Press sign up

PPI Operating Details

King's College
Virginia Woolf Building
1st Floor, 22 Kingsway
London, WC2B 6LE

Tel. 020 7848 3744

Mob. 07718 647 567 

Donations

The Pensions Policy Institute is a registered charity and accepts donations from organisations and individuals.