State Pension: Public Consultation Backs Single Pension/ 17.8.2011• Christiana Brockbank• Posted At 06:00 PM
There has been resounding support for the plans to create a flat-rate £140-a-week state pension. The plans have been supported fully in a public consultation.
At the minute the basic state pension provides retirees with £102.15-a-week, the increase will provide pensioners with nearly 40 per cent a week extra a week. The old amount could be added to with a pension credit, which when added to the basic state pension the amount is a minimum of£137.35.
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No need to apply for credit
Simplification is what the government is trying to achieve with pensions at the minute and the increase in the weekly pay is a step in achieving that especially when low-income pensioners will not need to apply for credit.
Steve Webb the pensions minister has said: “In spite of our best efforts to encourage take-up, pension credit has failed to reach over a million low-income pensioners who are entitled to help. What we want to do is reform to create a simpler state pension that won’t leave people relying on means testing to make ends meet.”
If like many other people, you cannot rely on the state pension anymore then please use ourpension calculator to find the best rates tailored to you.
No means testing
He went on to say that a simpler state pension that doesn’t require means testing is the way forward, this is to go with schemes which are more transparent which will allow people to have more clarity and understanding about what they will be getting from the state.
“The Government identified four guiding principles for state pensions that are fit for the 21stcentury. They were fairness, simplicity, affordability/sustainability and encouraging personal responsibility.”
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Webb said: “It is only the flat rate simple state pension that will achieve these objectives in the future.”
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