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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.
17 January 2017
Stansted Airport has made a bid to become Britain's next hub for long-haul travel, as passengers are promised seamless connection facilities and baggage transfer.
13 January 2017
Long-term goals such as travelling more and visiting new places have come above healthy eating and changing jobs in a list of the top New Year's resolutions.
14 January 2017
Some of the biggest airports in the UK have been forced to cancel flights as snow and blizzard conditions sweep parts of the country.
Stress could be as significant a risk factor for heart attacks and strokes as smoking, drinking and overeating, new research shows.
24 December 2016
Planned strikes by British Airways cabin crew on Christmas Day and Boxing Day have been suspended amid continuing industrial unrest ahead of the weekend break.
11 January 2017
A connection between diabetes and inflection in children could be a major breakthrough in developing a cure for type 1 diabetes, according to new research.
10 January 2017
A new trial aimed at tackling widespread loneliness among older people is successfully reducing isolation using community-based tactics, a report shows.
07 January 2017
People may be able to enjoy better brain health in later life by following a Mediterranean diet, research has suggested.
06 January 2017
Many Britons plan to cut down on the costs of their holidays in 2017, as part of their financial resolutions for the New Year.
05 January 2017
Holidaymakers have been encouraged to make the most of the fact 2017 boasts a pair of bank holiday weekends just two weeks apart.
04 January 2017
Holidaymakers are increasingly turning their attentions to trips which are all-inclusive, new research has suggested.
31 December 2016
Budget airline Norwegian has said it will launch ultra-low cost flights for as little at £56 to New York as it ramps up the pressure on its rivals.