For those looking forward to the prospect of retiring, news that a think tank has recommended some Brits should lose their state pension will not be welcome. According to a report, as many as one in four people should lose their eligibility for the Government paid benefit.
However, before panic sets in, it should be noted that the centre-right Adam Smith Institute (ASI) said retirees with assets worth more than £1million should no longer be entitled to the benefit. Birmingham Live reported on the analysis, in which it says the Intergenerational Foundation claimed that one in four pensioners were millionaires if the value of their property and pensions were taken into account. Now, the influential think tank has argued these people do not need to access a state pension.
The report said the money saved from offering them a state pension could be used to help younger generations - many of whom find themselves less well off. The ASI sets out a number of major reforms it claimed would reduce inequality between the generations.
