State pension 'to increase' following bill
The Department of Work and Pensions has claimed that the new proposals laid out in the pensions bill will result in an increase in the average state pension.
Receiving its second reading today, the bill will re-establish the link between pensions and earnings, enhance the state second pension and increase the number of women entitled to a full basic state pension.
John Hutton, secretary of state for work and pensions, said: "These radical proposals are set to dramatically alter the pensions landscape in the UK."
He added that the bill seeks to introduce a pensions system that is both fairer and more generous than the existing system, providing special benefit to those currently at a disadvantage in the current system, namely women and carers.
Figures published by Alliance Trust earlier this week revealed that while inflation has increased to three per cent, the rate of inflation for the elderly had increased to 4.2 per cent in December.
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