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17 January 2013 09:22
The new state pension plans are intended to simplify the present system by introducing a single flat rate pension from 2017
A new overhaul of the state pension could leave more than 50% of those who reach retirement age after 2060 less well-off, according to new research. The proposals are intended to simplify the present system by introducing a single flat rate pension from 2017, worth approximately £144 a week in today's currency.
While the Government's White Paper acknowledges that some groups will lose out, there has been fierce debate about who will be hit hardest by the reforms. The coalition claims the burden will largely be borne by high earners, while the changes will benefit women, low earners and the self-employed. However, Labour has warned that the plans will hit more than 400,000 women who are close to pension age, while men in the same position will be spared.
The proposals represent a cut in pension entitlements for the majority in the long-term, the Institute for Fiscal Studies (IFS) said. Campaigners fear the changes could make it impossible for pensioners to enjoy their retirement by eating out or taking holidays, especially once extra costs like seniors' travel insurance are taken into consideration. However, pensions minister Steve Webb said there were "far more winners" under the new scheme.
19 February 2019
Hundreds of passengers have had their travel plans cancelled following the collapse of airline flybmi.
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16 February 2019
Holidaymakers were left fuming after a "lack of clarity" over Brexit led a Romanian airline to cancel flights from Liverpool's John Lennon Airport.
15 February 2019
British Airways celebrated Valentine's Day with a special flight where all members of the cabin crew were couples who work for the airline.
14 February 2019
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13 February 2019
Older people living with depression should be given better access to community activities and therapy instead of being prescribed antidepressants, researchers have urged.
12 February 2019
The Government has been criticised for failing to act on warnings about the link between processed meats and cancer, by the scientist who co-authored the original advice.
09 February 2019
A grandfather who has battled three types of cancer is cycling from Twickenham to Tokyo in time for the Rugby World Cup - all in aid of charity.
08 February 2019
Lovers of traditional fish and chips are embracing a more health-conscious version of their favourite food, a new study suggests.
07 February 2019
Two thirds of UK adults don't know they're able to lower their risk of developing dementia, new research has shown.
06 February 2019
More than 600 people a day are quitting their jobs to care for relatives, a charity has warned.
05 February 2019
Millennials in the US face an increasing risk of developing an obesity-related cancer, a new study has revealed.
02 February 2019
More than 100 people sought refuge at a pub high on Bodmin Moor overnight after heavy snowfall hit the A30, leading many stranded motorists to abandon their cars.