State pension reforms to be unveiled next week

| April 2, 2011
State pension reforms to be unveiled next week

Details of the new flat-rate state pension will be unveiled next week by the Government.

In last montha��s Budget, it was announced that the new pensions system should make pension planning easier to understand a�� stripping out the current complex means-tested payments system and will move towards a flat-rate payment for men and women.

The basic state pension will see the introduction of one universal payment a�� A?155 a week – not A?140 as previously announced.

The new universal pension is expected to take many years to come into force, so with inflation added it would rise above A?150.

This compares with the current basic state pension of A?97.65 for a single person and A?156.15 for a couple.

However, the new flat-rate will not apply to the millions of people already being paid a state pension as they will continue with existing arrangements.

Tags: , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Comments are closed.