Pensioners 'to gain' from new single tier state pension but younger people 'worse off'
A new single tier state pension is to be introduced for those reaching state pension age from 6 April 2016 onwards. According to research by the Department for Work and Pensions (DWP) many pensioners will receive a boost from the new single tier pension following its introduction from 6 April 2016.
Under the 'flat-rate' system, new pensioners could receive up to £155.65 per week, compared to the current state pension entitlement of £119.30.
The press release states:
'The data shows the long-term impact of the new State Pension on people's pensions, with 75% of people set to gain in the first 15 years.
The move to the new system will provide a boost to the State Pension for many women, with over 3 million women receiving an average of £11 more per week by 2030 as a result of the changes, - helping to address the gender inequalities that have persisted under the old scheme.'
To find out what your pension entitlement is visit www.gov.uk/state-pension-statement
Internet link: GOV.UK news