George Ladds, head of pensions at Fair Investment Company comments on George Osborne's announcement for a flat rate state pension:
Potentially this is really good news. A simpler system with a flat rate pension will make it easier for people to understand how much they are going to get from the state. They can then better plan their own savings to fund their retirement.
Combined with other reforms (i.e. the automatic enrolment into workplace pensions), this should drill home the message that people need to take greater individual responsibility for pension saving.