As many as one in four people would lose their state pension under new recommendations by an influential think tank.
The centre-right Adam Smith institute (ASI) says retirees with assets worth more than £1 million should no longer be entitled to the benefit. Analysis from earlier this year by the Intergenerational Foundation claimed that one in four pensioners were millionaires if the value of their property and pensions were taken into account.
The ASI argues that these people do not need to access a state pension and the money saved from offering them one can be used to help younger generations who find themselves much less well off. The report sets out a number of major reforms it says would reduce inequality between the generations.
