Wednesday, July 22, 2015

Fact of the Day - pensions

It has been revealed that only one in three workers will get the full £148 flat-rate state pension in 2016. Only 222,000 of nearly 600,000 people who will reach state pension age in the 12 months from April 2016 will be able to claim the full amount.

“Some politicians, who should have known better, said we would have a more generous and simpler flat-rate pension scheme…Clearly, the new deal is neither of those things, at least not in the early years. It is unfortunate this has not been properly explained and expectations have been raised that can’t be fulfilled,” Malcolm McLean, senior consultant at actuarial firm Barnett Waddingham explained.

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