Around 1 in 11 people in the UK will be claiming the state pension by mid-2032
Around half of the Government’s current benefits bill is spent on the state pension is projected to rise by 1.7 million between mid-2022 and mid-2032, with 13.7 million people claiming the benefit by the end of that period.is set to grow again to 15 million, a growth rate of 26 per cent over the 15-year period from 2032.bill is spent on the state pension, which cost £110.5bn between 2022 and 2023. The Office for Budget Responsibility expected this to grow to £124bn from 2023 to 2024.
Currently, the state pension can be claimed at 66, and the weekly rate will rise by 4.1 per cent to £230.25 a week for the flat-rate pension and £176.45 for the basic state pension.is projected to rise by 7.3 per cent across the period, compared with an increase of 6.1 per cent over the previous 10 years.
The number of births and deaths across the period is projected to be almost identical, with about 6.8 million births offset by 6.8 million deaths. The ONS also provides a projection further into the future, covering the 25 years between mid-2022 and mid-2047, for which the total projected growth of the UK population is 8.9 million, a jump of 13.2 per cent.
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