High earners to be hit by state pension reforms, minister says

Steve Webb (pictured) said that the government's proposed single-tier state pension means that high earners will receive about £20 a week less than they get under current rules when they retire, the Telegraph reports. This is because plans to introduce a single-tier flat-rate pension will see the end of the so-called ‘state second pension' or S2P, which tops up the weekly basic state pension for all people who made national insurance contributions over their working life. Currently, about a million high earners approaching retirement can expect to receive £160 a week when they stop wo...