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New pension proposals

Propoals for a new pensions scheme are to be announced on Monday. Here’s a sneak preview on what they might contain, and whether they will benefit you.

The figure for the flat pension scheme has been mooted to be around the £140 a week mark. Actually, it has emerged that it will be more like £155.

Those currently receiving the basic state and means-tested pension will undoubtedly be better off. And women who have taken time out of work in order to have a family will also benefit by receiving a full state pension.

However, the new system won’t benefit everyone, especially as it won’t come into effect until at least 2015. When it does come into effect, it will only apply to people recaching pensionable age after this date. So for some, date of birth is to have a direct relationship with standards of living – not very fair.

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