Only 45% of new pensioners will be entitled to the full, new, flat-rate state pension in the first five years of the system, government figures show.
The new state pension, aimed at simplifying the system, will see a single payment of about £150 made to new pensioners from April 2016. New figures suggest that two million people will not get the full amount. However, the government has stressed that they will be no worse off than under the current means-tested system.
'Complications'The new flat-rate state pension was unveiled two years ago by the government, and was promised to be a fairer system. This only applies to new retirees from April 2016, rather than the 11 million people who already receive the state pension. A freedom of information request submitted by investment firm Hargreaves Lansdown reveals that 45% of those retiring between 2016 and 2020 will get the full amount.....Read more here