Just half (50%) of people claiming the new state pension are receiving the full amount, Responsible Life has found.

Research by the later life lender found that this figure compares to almost three quarters (74%) of people who are claiming the old basic state pension, who receive at least the full rate.

Responsible Life gathered these figures by submitting a freedom of information request to the Department for Work and Pensions (DWP) asking how many people in the UK are receiving the full state pension and the basic state pension.

The DWP provided the latest data covering people receiving a state pension in November 2022, when the new full state pension was £185.15 a week. The current weekly pension for 2023-24 is now £203.85.

The data shows that of the estimated 3.06 million people receiving the new state pension, 649,000 women and 881,000 men were receiving less than £185.15.

Under the old system, of the near 9.6 million people receiving the basic pension in November 2022, just over a quarter (26%) received less than the full amount of £141.85.

The new state pension was introduced on 6 April 2016, allowing for men born on or after 6 April 1951 or a woman born on or after 6 April 1953 to claim the new state pension. For those who reached the state pension age before 6 April 2016, they received the state pension under the old rules.

The current retirement age in the UK for the state pension is currently 66 for both men and women.

Executive chairman at Responsible Life, Steve Wilkie, said: “These figures from the DWP show a much higher percentage of people who have claimed their state pensions since April 2016 are not receiving the full amount, compared to those pre-2016, under the old state pension system. The state pension makes an important contribution to most peoples’ finances in retirement, and knowing how much they’ll receive is crucial when planning for the future.

“The state pension changes made by the government, creating a ‘single tier’ pension, were designed to make things simpler, but that doesn’t appear to be the case on this evidence. These figures suggest there is a knowledge and information gap around the state pension, and people overestimate how much they think they’re going to receive because they don’t understand how the contributory benefit is calculated.

“To avoid people retiring and facing the shock of a smaller state pension that they were expecting, more needs to be done to raise awareness of the importance of checking what you’re likely to receive before you reach retirement age, and taking the necessary steps if the figure is less than anticipated.”

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