The Liberal Democrats have announced that for those aged 75 or over they would introduce a Citizen's Pension that is more generous than the existing contributory Basic State Pension: whereas the full Basic State Pension is currently worth ÷9.60 for a single pensioner and ñ27.25 for a couple, the Citizen's Pension would be set at the same level as the Pension Credit Guarantee, which is ñ05.45 for a single pensioner and ñ60.95 for pensioner couples. Like the Pension Credit Guarantee, the intention is that the Citizen's Pension would be indexed to growth in average earnings.
Authors
Carl Emmerson
Carl, a Deputy Director, is an editor of the IFS Green Budget, is expert on the UK pension system and sits on the Social Security Advisory Committee.
Matthew Wakefield
Matthew is Associate Professor at the University of Bologna focusing on consumption and savings choices and how policy affects them.
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