Jersey’s old age pension will increase by 2.8% from October.
The rise is said to be in line with the increase in the cost of living.
Pensioners who currently have a full rate pension of £204.19 will see an increase of £5.74 per week – making the new full rate £209.93 per week.
For a couple married before 2001, who receive a pension based on the husband’s contribution record, the maximum rate will rise by £9.52 each week – from £339.01 to £348.53.
For pensioners, this is very good news. The cost of living for pensioners is currently running at 2.8 per cent. Since 2013, pensions always rise by at least the increase in prices, as measured for pensioners. This year this figure is higher than the increase in average earnings and so the increase in the pension is set at 2.8 per cent. This means that the value of the pension is maintained in real terms.
– DEPUTY SUSIE PINEL, MINISTER FOR SOCIAL SECURITY