This document updates analysis used in the impact assessment for the single-tier pension published on 14 May 2014.
It brings the analysis into line with the assumptions used in the Office for Budget Responsibility’s (OBR) Fiscal Sustainability Report published on 10 July 2014. That report includes new projections of expenditure on State Pensions and other pensioner benefits.
The single-tier reforms introduce a new flat rate pension for people reaching State Pension age from April 2016 onwards. It is now referred to as the ‘new State Pension’. It is one of the measures included in the Pensions Act 2014.