If you increase the £13,077 by a third you'd get £17,436 per year with no increases, so they will have paid out £274,617 over 21 years. If you were starting on the new state pension this year you would get £12,548 per year. That then increases annually, and if I use 2.5% as the increase, and last for 21 years, the government will have paid out just above £341,000 over that period.
Create an account or sign in to comment