Keith Bradley, Labour’s Shadow Pensions Minister, responding to confirmation that two in three people who reach retirement age next year will receive less than the full “flat-rate” pension, said:

“David Cameron promised that the new state pension system would be ‘more generous’ to savers. But this new analysis has shown two-thirds of people will not receive the full state pension next year. It is completely unacceptable that the government has not been transparent with savers. People who work hard and save for their retirement deserve better.”