It ‘pays to save’ for retirement says Duncan Smith

Pensions may be stripped of means testing criteria in the coming years. A universal pension rate might be implemented if new proposals are accepted. Saving for retirement will be encouraged by the government when it reforms the current complex pension system into a clearer flat-rate scheme. Work and pensions secretary Iain Duncan Smith suggested that a universal pension payment could be made to all pensioners in the future at an event organised by Age UK. He did not to provide a figure, however, experts have speculated that the basic state pension could be set at £140 a week if means tested benefit is ...