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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.
18 April 2019
Going away with your children? Beat the stress of travelling with your family with these great travel tips. Here's what you need to know if you're travelling with kids this Easter.
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16 April 2019
Heading to Madrid? Here's our guide to six must-see places you should visit in the Spanish capital, from food markets to fine art and plenty in between.
10 April 2019
Experience the magic of Madrid's Fiesta de San Isidro 2019! Discover where to stay, what to eat and what to see as you explore one of Spain's greatest festivals.
Experience Seville's intoxicating Feria de Abril and discover Andalucía's most famous festival! Here's your ultimate guide to La Feria.
01 April 2019
Songkran is Thailand's famous New Year's festival - and the world's biggest water fight. Here's everything you need to know before you plan your trip.
Travelling to Thailand? Learn the important local traditions and cultures to ensure you act respectfully in 'The land of a thousand smiles.'
Travelling overseas with young children? Make going through the airport easy and stress-free by following these top tips for surviving the airport with kids when flying.
25 March 2019
Discover the best places to learn to scuba dive! Check out our list of top dive locations around the world that are perfect for scuba diving beginners.
Looking for some late-season skiing? Here are some of the best places for spring skiing in Europe where you can enjoy reliable snow cover.
19 March 2019
Looking for adventure? Create your perfect Scandinavian weekend with these alternative city break ideas.
Lower your blood pressure with these fresh, healthy foods you can add to your diet.
02 March 2019
A Flybe flight was forced to abort take-off due to the cabin filling with "smoke" while it was accelerating along the runway at Exeter Airport.