THE Government is on the verge of publishing its proposals for a new flat rate state pension, which one expert has called the biggest shake-up the state pension system has seen in the past 50 years.
The current system, where people receive an earnings- related pension on top of their basic state retirement pension was first introduced in 1961 as a graduated pension and was later replaced by Serps (the state earnings related pension), followed by the state second pension, as it is now known. This is being scrapped.
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