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Single-tier state pension – what is the Government proposing?

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The Government has released further detail on plans to replace the £107.45 a week basic pension, and various top-ups worth up to £142.70, with a flat rate of £144.

A single-tier system would replace the more complex arrangement of add-ons and means testing currently in place, providing greater certainty about the money individuals receive and a better platform for people to save for their retirement.

The plans are currently at the white paper stage only and any changes would not take effect until April 2017 at the earliest. Those retiring before this date would not be affected by the proposals.

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