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Pensions shake-up unveiled

Details of a shake-up of the state pension have been unveiled by the Government. A single flat rate, equivalent to around £144 in today's money, is set to be introduced for new pensioners from 2017 in a bid to simplify the system.

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Single state pension gives 'firm foundation for retirement'

More than 10 million people at work today are not saving enough to generate the sort of income they want to receive in retirement. A combination of a single, simple, decent state pension and the right to a workplace pension with a statutory contribution from their employer will mean - for the first time - there will be a firm foundation for retirement for the workforce of today.

– Steve Webb, Pensions Minister

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