The Liberal Democrats have unveiled their plans for pensions reform including the introduction of a Citizen's Pension, just a week before the publication of the final report from the Pensions Commission.
Outlining the party’s plans for pensions reform, Charles Kennedy, leader of the Liberal Democrats, says the Citizen’s Pension would be paid at £109.45 per week instead of the current £82.05 basic State pension, which would rise year-on-year in line with the increase in average earnings and would be paid to all those over State pension age. Entitlement to the Citizen’s Pension would be based on 20 years residency in the UK, rather than the current system of National Insurance contributions. In order to pay for the increased pension, the Liberal Democrats say they will save money by scrappi...
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