Pensions Bill

No, the figure is not going up, exactly because of the Bill, but if that happened the vast the majority of the generation starting work today, who would retire in 2050, would expect to be affected by means-testing once they reach retirement. The reforms recommended by the Pensions Commission and implemented by the Bill address that situation. They make the basic state pension and the state second pension more generous, so that individuals with a good contribution record will be able to retire on £135 a week from their basic state pension and state second pension—well above the level of the pension credit—and their private savings will come on top of that.