A new single, flat-rate state pension, set above the current basic level of £142.70 per week, has been announced by the government to bring pensions fairness to women and a simpler system to all.
The new single-tier pension will replace Labour's complex state pension system, which included a degrading means test element for Pensions Credit, and ensures for the first time that women are fully recognised for any years spent at home raising a family. Low-earners and the self-employed will also benefit from the introduction of the Single Tier.
Under the new system, 750,000 women retiring in the next decade will get an extra £9 a week on average. There are currently 12,720 women pensioners in Gosport.
Caroline commented:
"This is great news for women who have been neglected for too long by a system which didn't value years spent bringing up a family.
The single, flat-rate state pension is simple, fair and will help people save for their retirement. It will make a huge difference to people in Gosport."