You are here: Home - Retirement -

IDS: coalition committed to flat-rate state pension

Written by:
Iain Duncan Smith has confirmed plans for a flat-rate state pension are still going ahead.

The secretary of state for work and pensions told the Conservative Party Conference in Birmingham the previous Labour administration had “almost destroyed” the pension system through the introduction of means testing, leaving many pensioners who had saved on a lower income than if they had not planned for retirement.

He told delegates: “We are introducing a single tier pension, which means that if you contribute, you will have an income above the means test level.”

Later he added: “You don’t penalise pensioners for saving. That’s not welfare, that’s unfair and we are going to change it.”

Duncan Smith also took the opportunity to highlight the fact that mothers and carers will be given full contribution credits for time spent raising children or looking after elderly relatives and last week’s introduction of auto-enrolment.


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five apps to help you to save money without realising

Are you looking to get your finances under control ahead of a fun (but expensive) Christmas? Here are five way...
Five apps to help you to save money without realising

Rightmove: house prices set for zero growth in 2019

Homes listed for sale in 2019 are predicted to have the same average asking price as this year, although a Nor...
Rightmove: house prices set for zero growth in 2019

FTSE tumbles to 1999 tech bubble peak

Stock markets sold off this morning, with the FTSE 100 hitting the same level it reached on 31 December 1999. ...
FTSE tumbles to 1999 tech bubble peak

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Barclays buys ING Direct UK

Barclays has bought Dutch bank subsidiary ING Direct UK and will merge the outfit into its retail banking operations.