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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.
21 June 2017
Holidaymakers could save themselves money by opting for self-catering breaks this summer, a report has shown.
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20 June 2017
From trips abroad to days out closer to home, the school holidays can be a costly time for families.
17 June 2017
Debit and credit card charges are causing holidaymakers to "waste" more than £100 million each year, a new report has warned.
16 June 2017
Aggressive and potentially lethal prostate cancer could be detected more quickly thanks to a simple blood test, scientists have revealed.
15 June 2017
Many holidaymakers are over-estimating the benefits offered by European Health Insurance Cards (EHICs), a new study warns.
14 June 2017
British holidaymakers will benefit from the end of mobile roaming charges this week.
13 June 2017
UK holidaymakers could face higher costs in the months ahead following the collapse in the pound, the owner of a major travel firm has warned.
10 June 2017
Holidaymakers planning trips abroad in the coming days will be monitoring the progress of the pound closely following the surprise general election result.
09 June 2017
Family holidays to traditional hotspots like Menorca and Ibiza could end up costing more than far-flung destinations such as Orlando, Thailand and Bali, surprising new research suggests.
08 June 2017
Two of Europe's major budget airlines enjoyed strong passenger growth last month, as the summer holiday season got under way.
07 June 2017
People could lower their chances of dying from cancer by regularly taking a brisk walk, two new reports have suggested.
06 June 2017
Travel insurance claims worth around £1 million were paid out every day in 2016 on average, new industry data reveals.