Universal pension rate announced

Details on the new universal pension rate have been revealed. Pension provision will be revamped as the government replaces the current system with a 'fairer' flat-rate pension. Plans to create a £140 flat-rate pension have been published in a new green paper. The proposed system, outlined in “A state pension for the 21st century”, will come into effect for new pensioners from 2014 at the earliest, according to expert predictions - those who are already receiving a pension will not be affected.