User:Peteravel/Graduated Retirement Benefit

Graduated Retirement Benefit was the second tier state pension which was earned between April 1961 and April 1975. Contributions were related to earnings. Its main disadvantage was that it was not linked to inflation, so the purchasing power of the benefit has steadily eroded since 1975. individuals who contributed to this scheme generally have earned a current benefit of around a few pounds per week. This will never increase, and should be compared with the Basic State Pension, now over £100 per week for a single person, and Additional State Pension, which has accrued in varying forms since 1978, both of which being linked to inflation.