Flat-rate pension confirmed in Budget

Universal pension rate is to become a reality. This week's Budget shows that the pension system will be revamped as planned. Proposals to introduce a £140-a-week universal flat-rate pension have been confirmed in Chancellor George Osborne's Budget. Plans to simplify the current system had been outlined by the government earlier this year, however an exact figure had never been specified. Mr Osborne said that the changes will take many years to implement fully and people who are receiving a pension already will not be affected. He did not reveal whether the flat-rate sum will rise in line with inflation.