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Budget 12: Gov’t to introduce £140 single-tier state pension

Chancellor George Osborne has given the green light to proposals to introduce a single-tier state pension worth around £140 a week for future retirees.

In his Budget speech today, Osborne (pictured) paid tribute to Liberal Democrat pensions minister Steve Webb as he confirmed the Coalition will press ahead with the reforms.

He said further details of the proposal will be published in the spring.

The Department for Work and Pensions first put forward proposals for a flat-rate state pension for future retirees in a green paper in April last year.

It remains unclear how people who have contracted out of S2P and Serps will be treated.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Bash the grey vote again Mr. Osbourne.
    No increase in the tax free limits for pensioners and no single tier pension (£140?) for existing and soon to be pensioners.
    So the grey vote misses out on both counts – oldies remember this in 2015 we have a powerful voice. There are a lot of us and more of us vote that any other age group.

  2. How many people approaching retirement realise that their second state pension could take their final pension to as much as £200 a week, are they about to lose most of this when the fixed £140 a week comes in? probably!!

    Time to start contacting our MP’s.

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