Pensions Act 2014 impact assessment: annex A: the single-tier pension: a simple foundation for saving

Document type
Impact Assessment
Corporate author(s)
Great Britain. Department for Work and Pensions
Publisher
DWP
Date of publication
1 May 2014
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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On 4th 2011 the Government launched a public consultation on two options for reform to deliver a simpler, fairer State Pension that better supports saving for retirement: the ‘faster flat-rating’ option which would accelerate changes already underway to deliver a flat-rate, two-tier pension; and the ‘single-tier’ option which was a more radical reform to a single-tier pension, with the full level set above the basic level of means-tested support.

Over 75 per cent of the organisations who responded to the consultation preferred the concept of the single-tier pension. On 18th March 2013 the Government announced that the single-tier pension would be implemented in April 2016. This document assesses the impact of this implementation.