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Guernsey pension and benefits set for potential 3.6% lift

Annuity holders in the UK recently received the welcome news that gild yields had lifted from around 2.1% to 2.39%, and now pension holders in Guernsey may also have cause to celebrate after recommendations were put forward for a 3.6% rise in the island’s pensions.

Guernsey’s Social Security Department has recommended a £6.72 a week increase to pensions for 2013, subject to approval by Guernsey States members.

If the plans are given the go ahead next month, the full rate pension for a single person will increase to £192.85 a week and to £289.45 for couples.
A range of other benefits, including sickness, unemployment and bereavement, have also been recommended for a 3.6% boost.

Social Security Minister Allister Langlois said: "We understand that our pensioners would welcome a higher increase, especially with the recent news about electricity prices.

"But we have to strike a balance between the level of benefits being paid out and the long-term implications for the fund."

According to forecasts in the Department for Work and Pension’s (DWP) Workplace Pension Reforms: Baseline Evaluation Report pension pots in the UK are also set for a lift as a result of the introduction of automatic enrollment next month. This could see average median private pension income climb to between £153 and £195 a week by 2070.

The DWP has argued that without the reforms, average weekly private pension income would only reach a figure of between £86 and £106 by 2070.

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