State pension BOMBSHELL: Payments ‘to be MEANS-TESTED for high-earners to stop crisis’ : Express.

SUBSTRATUMS

THE state pension will have to be means-tested for better-off pensioners to keep it affordable and fair for the poor, research suggests.

The report by the University of Kent suggests state pension payments should be limited for pensioners paying higher-rate tax from as early as 2019, as a way of cutting the ballooning cost of pension benefits.

Under the current rules, the state pension can be claimed by all, irrespective of wealth with access to the payments being given when the person reaches retirement age and provided they have a record of national insurance contributions.

The Government says an ageing population – relative to those of working age – is putting pressure on the current pensions system, changes are necessary. It has led to the Government considering speeding up the current timetable of pension age rises.

Pensioners means-testedGetty

Wealthy pensioners could be means-tested over their income in the future

Increasing the…

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