Pension to be £140 for all

A MASSIVE shake-up of the pension system is set to award everyone the same amount – £140 a week.

Details of the Green Paper proposal emerged last night, with Work and Pensions secretary Iain Duncan Smith and pensions minister Steve Webb reportedly advocating a “single tier” state pension which would make savings by reducing beurocracy.

The radical new scheme would cut out means testing and give a boost to women, who are more likely to be disqualified from the full basic pension because they have taken time out from work to raise children and therefore not paid as much National Insurance. “Our aim will be a simple, decent State Pension for future pensioners, which is easy to understand.....and affordable,” a spokesman said last night.