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State Pensions: Basic State Pension

Table 5: Current full amount of Basic State Pension (BSP) and projected future amounts of BSP and new State Pension[1]

 

Tax Year

BSP - Weekly Amount

BSP as a percentage of NAE

New State Pension Weekly Amount

New State Pension as percentage of NAE

Weekly National Average Earnings (projected)[2]

Apr-17

£122.30

18.5%

£159.55

24.1%

£663

Apr-18

£125.95

18.5%

£164.35

24.2%

£679

Apr-19

£129.50

18.6%

£168.95

24.2%

£697

Apr-20

£132.75

18.6%

£173.15

24.2%

£714

Apr-25

£155.45

18.7%

£202.85

24.4%

£833

Apr-30

£191.85

19.0%

£250.35

24.8%

£1,010

Apr-35

£240.30

19.3%

£313.55

25.2%

£1,242

 

Important: The table above contains projections that use the “triple lock” guarantee for uprating both the BSP and new State Pension.


[1] PPI calculation. Assumes the Basic State Pension is up-rated in line with the Triple Lock from April 2011, which in the long-term is assumed to exceed average earnings growth.

[2] This includes only full time employees. Outturn earnings figure comes from the Annual Survey of Hours and Earnings.  Projected figures are in line with earnings growth assumed by the Office Of Budget Responsibility.

 

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