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Pensioners gain from single tier state pension but younger worse off

 

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A new single tier state pension is to be introduced for those reaching state pension age from 6 April 2016 onwards. Many pensioners will receive a boost from the new single tier pension following its introduction from 6 April 2016.

Under the 'flat-rate' system, new pensioners could receive up to £155.65 per week, compared to the current state pension entitlement of £119.30.

The press release states:

'The data shows the long-term impact of the new State Pension on people's pensions, with 75% of people set to gain in the first 15 years.

The move to the new system will provide a boost to the State Pension for many women, with over 3 million women receiving an average of £11 more per week by 2030 as a result of the changes, - helping to address the gender inequalities that have persisted under the old scheme.'

Anyone aged 55 or over can apply for a personalised State Pension statement, which will give them an estimate of what they will get under the new system. This will be based on their work history and NI contributions to date, including information on their past contracting out record.

To find out what your pension entitlement is visit www.gov.uk/state-pension-statement

Link: GOV.UK

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