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Pensioners 'to gain' from new single tier state pension but younger people 'worse off'

A new single tier state pension is to be introduced for those reaching state pension age from 6 April 2016 onwards. According to research by the Department for Work and Pensions (DWP) 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.'

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

Internet link: GOV.UK news

06 Nov 2018

Budget 2018

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018.

06 Nov 2018

Personal tax changes - allowance and basic rate band increases

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20.

06 Nov 2018

Capital allowances changes

A number of changes to capital allowances were announced at the Budget.