S2P changes will leave millions worse off, TUC warns

A TUC report says that anyone with a long working history is likely to lose out, by as much as £2,000 a year, the BBC reports. The second state pension will be abolished when the new single tier pension begins in April 2016. But the government said the changes will make most people better off. Around 20 million Britons are currently part of the state second pension scheme, introduced ten years ago to boost pension levels for low earners. The TUC report suggests that the "vast majority" of them will get less money when they retire. "Many low and middle-income private sector wo...