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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.
28 February 2020
From tulip-filled trips to rose-tinged rests, these destinations are the perfect way to see in the new season.
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04 January 2021
Join us on a journey to Ancient Greece to discover more about history's most revered statue.
Head north for a light show like no other. Discover how you can see the Northern Lights for yourself.
Discover more about the magnificent waterfall perched on the border of Zambia and Zimbabwe.
10 December 2020
Don't sleep on the world's most impressive dormant volcano.
A destination that stands head and shoulders above the rest.
19 November 2020
Take a tour of one of South America's most captivating natural landscapes.
Discover the hidden depths of the world's most recognisable desert gorge.
It's the question on everyone's mind right now - unfortunately, there's still no easy answer...
Discover why planes are more hygienic than you might think.
Dive into Queensland's colourful coral.
02 November 2020
With the global travel industry slowly getting back on its feet, it's a great time for holiday bargain hunters. Here are our top tips for 2021.