Video: Budget 2012: new simpler pension to pay '£140 per week' to future pensioners As Chancellor George Osborne presented the 2012 Budget to the House of Commons he promiesed a "generous" state pension "for those who have worked and saved hard all their lives." He said a new "single-tier pension for future pensioners" will be set above the means test and is currently estimated to provide £140 a week. The Chancellor promised further details later in the spring.