State pension

State second pensions or state earnings-related pensions will not protected by the triple lock under the new single-tier system, pensions minister Steve Webb has confirmed.

Public sector pensions will cost taxpayers an additional £9bn a year due to a ‘toxic' combination of the Public Service Pensions Bill and state pension reform, a Centre for Policy Studies paper shows.

The Office of Tax Simplification has made a range of recommendations in a bid to make tax simpler for Britain's pensioners.

The government's proposals for the single-tier state pension will be scrutinised by the work and pensions committee over the coming weeks.

The implementation of the single-tier state pension will cost the Exchequer £265m, according to official figures released today.

The state pension reforms announced yesterday have been widely welcomed as a much-needed simplification, but where there are winners, there must be losers.

The introduction of a flat-rate £144 per week state pension will reduce pay-outs for the vast majority of the population in the long run, according to a respected think tank.

The Department for Work and Pensions is under pressure to speed up plans for a ‘defined ambition' middle-ground, as experts predict the end of contracting out could spark a wave of defined benefit closures.

Actuaries claim public sector workers will gain from the abolition of contracting out but unions contend it could derail public sector scheme reform.

The overhaul of the state pension system announced today will save the government money in the long term according to Department for Work and Pensions projections.