Government sets out 'simple' plan for flat rate pension
There is a national consensus for the need for a single flat-rate pension, according to the government.
Pensions Minister Steve Webb told the House of Commons that plans for a new system, expected to begin in April 2017, would provide a "decent" pension for people.
Instead of a basic pension of £107 plus various mean-tested top-up payments, recipients will get a weekly payment equal to the value of £144. But the Institute for Fiscal Studies said the reform would gradually reduce the value of pensions in future years.
14 Jan 2013
- From the section Business