– Steve Webb, Pensions Minister
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.
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.