State pension: Fifth better off with new flat rate

Single rate of about £155 per week set to be introduced in April

clock

A fifth of people eligible for a state pension will be better off under changes set to be introduced in April next year, official figures suggest.

Of the approximately 482,000 people who requested a state pension statement from the Department for Work and Pensions (DWP) in the 12 months to November, more than 96,000 were shown an indicative ‘starting amount' based on the new system. The remainder - 385,000 - were shown an amount based on the current system, according to the figures. The 'starting amount' communicated by the DWP is the higher of either the amount an individual would get under the current state pension rules, or the amount he or she would get if the new state pension had been in place at the start of their working...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read
Act now: Planning for retirement is a concern for today

Act now: Planning for retirement is a concern for today

'Don't wait until tomorrow to think about retirement'

Andrew Tully
clock 20 November 2024 • 4 min read
Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Report published as Reeves delivered inaugural Mansion House speech

Jonathan Stapleton
clock 15 November 2024 • 4 min read