The National Association of Pension Funds (NAPF) has recently published research about introducing a simpler more generous state pension.
The report maintains that a level state pension of £140 per week would be simpler to administer, remove millions of people from claiming benefits and would not cost the taxpayer any more than the current state pension arrangement.
Under the existing state pension scheme a third of pensioners would be entitled to means tested benefits by the year 2055. The proposed revision would see only 5% of pensioners needing additional support.
A spokesperson from the NAPF concluded that: "It would particularly benefit low earners, women and the self-employed. It would also support 2012 pension auto-enrolment reforms by confirming that it 'pays to save' and that savings will not be eroded by means-testing," the NAPF said.
