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

Registered details

Regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants (ACCA) and for Practice Assurance the Institute of Chartered Accountants in England & Wales (ICAEW).

© 2024 Bhanot & Co. All rights reserved. We use cookies on this website, you can find more information about cookies here. powered by totalSOLUTION

Contact details

+44 (0) 20 8840 8844

Bhanot & Co, 1st Floor, 126-128 Uxbridge Road, Ealing, London W13 8QS