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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.
16 October 2018
Patients with brain tumours lose out on almost £15,000 per year, a new report has revealed.
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13 October 2018
Chris Grayling has given his "categorial assurance" to Parliament that a no-deal Brexit will not ground flights in and out of the UK, despite recent warnings from experts that this remains a possibility.
12 October 2018
The rising cost of fuel could force more airlines out of business, the boss of easyJet has warned.
11 October 2018
The image of the boozy backpacker might be a thing of the past as a new study suggests more and more youngsters are shunning alcohol completely.
10 October 2018
The NHS says just one in 10 drinks sold in English hospitals will be sugar-sweetened, as part of its bid to curb rising obesity levels.
09 October 2018
More than 260,000 diabetes patients were put at risk of lasting harm or even death during hospital stays last year due to medication errors, a new report has revealed.
06 October 2018
NHS patients with a specific type of lymphoma will soon be able to access a "game-changing" new treatment, health officials have revealed.
05 October 2018
People living with diabetes are being warned they might be "unwittingly" storing their insulin incorrectly.
04 October 2018
The world's first commercial jet part-powered by a new form of biofuel touches down in London on Wednesday (3rd October).
03 October 2018
New 'hotel-style' carriages that were due to be rolled out for the Caledonian Sleeper have been delayed until next year.
02 October 2018
Budapest has been revealed as the cheapest destination for UK holidaymakers looking for a cultural break, according to a new report.
29 September 2018
Holidaymakers heading off by train will soon be able to check their blood pressure at the station, as part of a new scheme aimed at boosting the number of people getting checked.