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New flat rate pension plan pushed
Plans for a new flat-rate state pension and a system to automatically raise the pension age have been published. Under government proposals, the existing means-tested arrangements would be replaced for new, but not existing, pensioners.The current full state pension is £97.65 a week, but can be topped up to £132.60 with pension credit. This could be replaced by a new £140 flat rate, with inflation expected to push this up to £155 by 2015 or 2016. A second, less radical option would see a set amount of state second pension paid for each qualifying year of National Insurance contributions. No set date for implementation has been revealed. The plans are aimed at simplifying the system, and encouraging people to save for their retirement by knowing exactly what they would get from the state. Posted by: lotp 2011-04-05 |
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