Retirees-to-be given two years to top-up state pension

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ByEmma Ann Hughes

The changes to the state pension came as the chancellor announced there would be a cap on total government welfare spending from next year, but that this would not include state pension despite this being by far the single largest welfare spending item.

The limit on total welfare spending would be set by the chancellor at the beginning of each parliament, and MPs would be asked to support it.

Mr Osborne said he was “proud” have been part of a government that introduced the current ‘triple-lock’ for pension increases - which is due to end at the end of this parliament - and that a further increase in the state pension of £2.95 a week would be introduced from April 2014.