Budget 2011: Single-tier £140pw state pension gets go ahead

clock

Chancellor George Osborne has confirmed the government will implement a single-tier state pension.

He said the current system is "inbelieveably complex" and adds the proposed system will be flat-rate and still based on contributions. Osborne also said the new single-tier pension is likely to be worth £140 per week. The new system, the Chancellor said, will not apply to current pensioners and will take several years to implement. He added a single tier system would end contracting out for defined benefit (DB) schemes, which has already been banned for defined contribution (DC) schemes from April 2012. However, Osborne said the government will "investigate the potential impact ...

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

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •