The government’s proposal to introduce a flat rate state pension of £140 per week has moved a step closer after receiving significant support from the pension’s industry.
Over 75% of organisations who responded during the government’s consultation period were in favour of the move.
In April the government’s pensions minister Steve Webb announced two possible reforms of the state pension system with the £140 flat rate state pension being one of the options. The second option would have created a two tier state pension where the means tested second state pension (S2P) becomes flat rate by 2020.
The first option received the ...