State Pensions

The long-term retired are having to "knock lumps" out of their nest eggs just to get by, pensioners' groups warned today, as a report found saving pots for the over-75s have almost halved in the last two years.

The state pension system will be reformed and simplified to make sure it keeps pace with people living for longer.

Pensioners received a £3.3 billion blow in today's Budget as they found out they will eventually lose the higher personal allowance they enjoy in comparison to the rest of the population. This has been dubbed the new 'Granny Tax'.

The Government's plans to bring forward an increase in the state pension age to 67 have been met with dismay by elderly groups.

The Government should consider introducing a "graduated" state pension to allow people to draw some cash before they retire, which could help encourage them to continue working for longer, a thinktank recommended today.

Most people aged over 60 can apply now to get help towards their winter energy costs.

Inflation matched its record high last month, meaning greater state benefits, but it also highlights the tough conditions faced by many households.

The Government today has delayed its planned increase in the state pension age, saying that thousands of women will benefit.

The Government says it intends to press ahead with its timetable to raise the state pension age for women despite the threat of a revolt by Conservative and Liberal Democrat backbenchers.

Women, carers and the self employed could be among the winners from the huge pension shake-up that could see a £155-a-week flat-rate state pension from 2015 or 2016.