Flat pension to come earlier

Ben Southwood
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PENSION funds yesterday warned that the decision to introduce the new flat rate state pension one year early in 2016, could hit private defined benefit schemes.

Osborne said the change, which means 400,000 more people will qualify for the £144-a-week payout, was a “fair deal”.

But Joanne Segars, chief executive of the National Association of Pension Funds (NAPF), said it could lead to a fresh round of final salary pension closures in the private sector.