Can someone explain the pension £140 thing from the budget?

[HJisgoingtogoBOOM]

The BBC just says it rather than explains anything!

No I don't understand that either, or what it means for the state second pension .

This article talks about a 'simple single-tier state pension' of around £140. I think it has something to do with SERPS contributions.

This article is from March last year and goes into more detail on the idea.

They have yet to announce what on earth this means.

The stated aim, from sow time ago, was to abolish the means tested elements of retirement payments (eg pensions credit) by increasing the basic state pension to £140.

He did however also appear to say that the new pension would still be contributions based, and I cannot fathom how that fits with the single tier concept.

www.telegraph.co.uk/finance/personalfinance/how-budget-affect-me/9160154/1.5m-hard-working-pensioners-penalised-by-new-140-state-pension.html explains it.

Thanks!