Conservative Manifesto: Pensions

18 May 2017

"Now, what we see as a result of the changes that have been made, in relation to the basic state pension, [is] an increase of £1,250 per year."

  • The real increase is less than half what Theresa May suggests, as we’ve said before.
  • In real terms the increase adds up to about £560 extra per year, not £1,250.
  • Things cost more in 2017 than in 2010 and the claim ignores inflation.
  • If you do ignore inflation, pensioners who get the full basic state pension this year (2017/18) are getting £1,250 more in cash terms per year than they did when the Coalition government came to power (2010/11).
  • This only applies to pensioners receiving the full basic state pension (not everyone does) and on the old system. To get the full state pension on the old system that you must have paid National Insurance or received National Insurance Credits for at least 30 years.

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