Iain Duncan Smith is to outline plans to create a flat-rate £140-a-week state pension after condemning the existing system as complex and in "crisis". The Work and Pensions Secretary will give MPs details of radical changes designed to encourage more people to save for their retirement.
Pensioners currently receive at least £97.65 a week but this will rise to at least £140 at current prices. Under the proposed reforms, means-tested credits, which see nearly half of all OAPs claim £132.60 a week, will be scrapped in about five years' time as the Government looks to simplify pensions in a similar way to the benefits system.
More at LES
Pensioners currently receive at least £97.65 a week but this will rise to at least £140 at current prices. Under the proposed reforms, means-tested credits, which see nearly half of all OAPs claim £132.60 a week, will be scrapped in about five years' time as the Government looks to simplify pensions in a similar way to the benefits system.
More at LES
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