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Chancellor to unveil increase

Pensioners to get biggest rise since 2001

pension pot 2The basic state pension is to get its biggest rise in real terms since 2001.

Chancellor George Osborne is expected to announce the increase to £119.30 a week from April as part of the Autumn Statement on Wednesday.

The 2.9% rise will be worth an extra £174.20 a year to someone on a full basic state pension.

Pensions minister Ros Altmann said measures had been taken since 2010 to restore the value of the basic pension.

“Pensioners deserve to be treated much better than they have been in the past and to have security in retirement,” she said.

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