State pension: Fifth better off with new flat rate

Of the approximately 482,000 people who requested a state pension statement from the Department for Work and Pensions (DWP) in the 12 months to November, more than 96,000 were shown an indicative ‘starting amount' based on the new system. The remainder - 385,000 - were shown an amount based on the current system, according to the figures. The 'starting amount' communicated by the DWP is the higher of either the amount an individual would get under the current state pension rules, or the amount he or she would get if the new state pension had been in place at the start of their working...