State pension reforms to be unveiled next week

| April 2, 2011 | 0 Comments
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 month’s Budget, it was announced that the new pensions system should make pension planning easier to understand – 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 – £155 a week - not £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 £150.

This compares with the current basic state pension of £97.65 for a single person and £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.

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