The Government has not been completely honest in today's announcement. The fact is that without additional money, our state pension system will remain completely inadequate.
Future pensioners have little chance of putting aside any money given our low wage economy or building up a decent company pension and will therefore have to rely more and more on the state system.
But even at today's prices, £144 a week still represents a state pension that is well below the official poverty line for older people.
The future flat-rate pension unveiled by the Government will be worth £144 in today's money. But who stands to benefit and who loses out?
Ministers promise a richer retirement for women, low earners and the self employed, but others warn people must work longer for less reward.