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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.
24 February 2017
Heathrow airport has issued delay and cancellation warnings, after Storm Doris reached nearly 90mph on its way to batter Britain.
23 February 2017
Bowel cancer could be cut by more than a third amid the development of a one-off screening test, new research suggests.
22 February 2017
Hundreds of thousands of people with a potentially fatal genetic blood condition have yet to be diagnosed with the condition, a charity is warning.
21 February 2017
New technology to provide detailed scans of patients could improve the recovery of people suffering with liver cancer, scientists have said.
18 February 2017
At least 10 Britons have been injured in a speedboat accident off the icy coast of Norway.
17 February 2017
Comedian David Baddiel is trying to highlight the "epidemic" of dementia as a killer of older people in a new documentary.
16 February 2017
The public has spoken and the world's favourite cruises are being honoured by a top cruise review site.
15 February 2017
The collaborative #SkiSafe campaign has been relaunched in a bid to raise safety awareness among winter sports enthusiasts.
14 February 2017
A new "age defying" hormone could offer a breakthrough in preventing kidney and heart disease in people who suffer from diabetes.
11 February 2017
Patients needing new life-saving medication could have to wait two years after the UK leaves the EU, experts are warning.
10 February 2017
Families looking to take a cheap break in the upcoming half term are often sorely disappointed, however new research suggests Cyprus is the best destination for a well-priced trip.
09 February 2017
Europe remains the world's number one region as a travel destination - but tourism growth is slowing down, a travel industry report has said.