Millions 'to be worse off' under new state pension rules, warns TUC
Business news 23 Aug 2013
Millions of workers will be worse off when the flat-rate single tier pension comes into effect in April 2016, a new study has warned.
According to the TUC, the majority of the 20 million workers contracted into a state second pension will receive less money when they retire.
The state second pension was introduced in 2003 as a means of boosting the income of low income earners. However, the new system will bring an end to various top-up payments and see pensioners receive a single payment worth around £144 a week.
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