The authorities in the UK are set to release a plan proposing f flat rate pension system for the citizens in the country.

He British government is planning to introduce a flat-rate pension in the country by the year 2017 and the amount will be equivalent to about £144 per week at current terms. It is believed that the self employed people and woman are expected to benefit from the changes in the pension scheme. On the other hand, some workers will be required to pay hundreds of pounds more in order to make the changes possible.

Government is expected to release a White Paper on Monday with details about the changes. The plans for a flat rate pension system were earlier published in April and are considered to be one of the biggest shakeups of the system in the country in several decades. Law makers are claiming that the new system will ensure a payout that is above the current level of £142.70.

However, estimates shows that more than six million British workers will have to pay more contributions under the new system. Under the new plans, workers linked to the final salary occupational pension schemes will have to pay higher national insurance contributions.