Business News 14 Jan 2013

Government sets out plans for flat-rate state pension

The Government is setting out its plans for a new flat-rate state pension system, which is expected to take effect from April 2017.

Under the existing system, many poorer pensioners are entitled to top up their basic state pension payments of £107.45 a week, via the means-tested Pension Credit and the second state pension.

However, figures suggest that around 1.5 million people are failing to claim Pension Credit.

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