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Prime Minister calls for flat-rate pension reforms to be re-examined

According to reports in the Financial Times Prime Minister David Cameron has requested a re-think on the planned introduction of a flat-rate state pension in 2015.

It has been claimed that the leader of the coalition has asked for the reforms to re-examined, after Conservative fears that the overhaul may result in a backlash from older voters who will miss out on the changes.

A source told the newspaper: “The proposals are not off the table but the white paper will probably look more 'green' than white” making a reference to the traditional colour of the different stages of government policy papers.

The new system would see means testing for the state pension, replaced with a £140 a week flat-rate for all. The move comes as figures from the Department for Work and Pensions (DWP) revealed the wide gulf between state pension payments. The data shows that 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 a week.

The current basic state pension stands at £107.45 a week, a figure which can be bumped up by additional credits, suggesting that some pensioners will lose out depending on whether they retire before or after the reforms. The changes will also mean that higher earners will no longer be able to make additional contributions to boost their pension pots.

A DWP spokesman argued that the new single-tier state pension is designed to make the system “simpler and fairer”.

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