Radical Makeover for State Pensions

The video discusses the government's plan to simplify the pension system by introducing a flat rate scheme. This new scheme will replace the current complex system, offering a standard weekly amount of £144 plus inflation. It aims to benefit employees and women, but current pensioners and those in final salary schemes may lose out. Future generations will need to work longer, contributing 35 years of National Insurance, to benefit from the new system. The changes are expected to take effect from 2017, impacting millions of people.

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