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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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DWP uncover significant gulf between state pension payouts

The ‘staggering’ complexity of current regulations has meant that state pension payouts can vary from as little as £7 a week to £230 week.

The revelations from Pensions minister Steve Webb are supported by figures from the Department for Work and Pensions (DWP) which outline that the current rules surrounding levels of basic and additional state pension paid out could lead to an annual difference of £10,000.

According to the DWP, around 130,000 people get £7 or less a week in state pensions while the same amount get more than thirty times this figure, receiving £230 or more per week.

Mr Webb has revealed proposals to introduce a flat-rate pension for new retirees set above the means-testing level to replace the current system. This would mean pensioners would get £140 a week regardless of their circumstances.

A delayed white paper, which is set to be released later this year, should provide a clearer picture of how the flat-rate pension will work in practice.

Commenting on the baffling range of state pension payouts, Mr Webb said:

"The range of state pension payouts at the moment is simply staggering. The current system is so complex it would baffle even Einstein. Worse, if people have no idea what they will get, they can't make sure they have enough savings for their retirement.

"We can't go on playing roulette with pensions. A flat-rate single-tier state pension will restore simplicity and give people certainty instead of chance. And it will provide a sure foundation for further saving."

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