Proposed flat-rate pension 'not enough' at £140 a week

Tuesday, 17 May 2011 01:26

Many Britons do not believe the government's proposal of a flat-rate state pension of £140 a week is enough to live on.

Figures from Standard Life show 72 per cent of over-55s think they would need more than that level of income in order to survive in retirement.

In all age ranges, an average of 63 per cent of people believe the proposed £140 weekly state pension is insufficient.

However, John Lawson, head of pensions policy at Standard Life, says: "The introduction of a state pension of £140 a week for all is to be welcomed.

"This makes it clear and easy for people to understand what they will receive from the government as a pension."

Fewer than one in five people – 18 per cent of those surveyed – believe £140 is enough to live on.

There are other benefits for older people that can help boost their income, however, such as the Winter Fuel Payment of between £100 and £300 to cover heating costs during the colder months.

Use the Myfinances comparison tools to find the best deal on a pension

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