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500 days to go until the biggest state pension overhaul in generations

November 18, 2014 12:01 AM
Originally published by UK Liberal Democrats

With just over 500 days to go, Liberal Democrat Pensions Minister Steve Webb has launched a public information campaign to help people understand the historic reforms which will introduce a flat-rate State Pension.

The Liberal Democrats have made sure that the Government gives today's pensioners a fair deal, while protecting tomorrow's pensioners too by making it easier to save for retirement.

We are increasing the State Pension from £107 to £144 per week, and we are doing this by introducing a 'Single Tier Pension'.

The new reforms will tackle the inequalities of the past, ensuring that women, carers, lower earners and the self-employed benefit the most.

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Currently, 40% of people do not realise that it is possible to take action to increase their State Pension. However, the campaign 'Your Pension, Your Future' will let people know how to get the most out of the changes.

Steve Webb MP said:

"Arriving in April 2016, the new State Pension will help create a simplicity that hasn't existed in decades. It will give workers the knowledge that there is a strong foundation upon which they can build their savings. This is a real game changer.

"Delivering this reform is a fundamental part of this Coalition Government's mission to create a fairer society. But to achieve its aim, people need to know what it means for them and be able to plan their own pension saving accordingly."

The new campaign also seeks to reassure current pensioners and those who retire before April 2016 that they will not lose out - they will remain in the current system and receive the same basic State Pension, which is at its highest level relative to earnings than at any point since 1992.