Webb: £10,000 gain from state pension changes

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The government has claimed people on an average income reaching the state retirement age this year will gain £10,000 through their state pensions as a result of recent changes.

Pensions minister Steve Webb was asked a written question by his shadow, Rachel Reeves, requesting information on the net effect of the implementation of the triple guarantee and the uprating of the second state pension. Webb responded: "The net effect of the above policies on a person with an average state pension entitlement reaching state pension age in 2011 is estimated to be a lifetime gain of around £10,000, in net present value terms." "The calculation is based on projected median state pension entitlement for individuals reaching state pension age in the 2011-12 tax year. This...

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