The DWP is on the verge of announcing its plans for a new state pension system, Ros Altmann, director general of Saga says.
The announcement has been delayed since October, and many experts believe civil servants are having difficulty deciding how contracting out will be dealt with. In January, shadow pensions minister Rachel Reeves criticised the government for shelving a consultation on introducing a flat-rate, simplified state pension, which had been promised before the end of 2010. Some sources close to the DWP and the Treasury have hinted a state pension of £140 per week is in the pipeline, but there are no details yet of how the entitlement of people who have contracted out their state pension will b...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes