basic state pension

Retirees face financial hole if they want a happy retirement

A happy retirement costs more than £225,000 over 17 years, leaving many retirees with an income gap of £106,000. 

Research from LV= finds that while the state pension is just £5,727 per year, pre-retirees expect to be spending a lot more to keep happy in retirement.

State pension to be simplified

The chancellor has pledged to combine the two state pensions into one simplified pension, as well as increasing the state pension age automatically in line with rises in longevity.