Majority of adults at State Pension Age don’t receive full amount

Most people reaching the State Pension age are not receiving their full pension amount, new DWP figures have revealed.

The new data showed that of the 1.1 million to have received a new State Pension between September 2016 and March 2019, only 44% – or 493,000 people – have been receiving the full amount.

The figures revealed that 48% of people receiving a new State Pension during the same time period, or 534,000 people, have received an amount above three-quarters but below the full pension amount.

The remaining 8% of adults reaching the State Pension age had received an amount below 75% of the total amount they were due.

Group communications director at Just Group, Stephen Lowe, commented on the latest figures: “The pension ‘freedom and choice’ reforms were backed up by the promise that the new, higher State Pension would be enough to provide a basic level of support if people did use up all their private pensions early.

“Putting aside the thorny question whether State Pension alone can provide an adequate standard of living, the truth is that most people retiring since the reforms in 2016 do not even receive the full amount of State Pension.

“It raises concerns that the level of the ‘safety net’ income provided by State Pension may be lower than people think.

“We would urge everyone approaching retirement to get a State Pension forecast and to take advantage of the free, independent and impartial pension wise guidance on offer to ensure they understand their likely retirement income before they start accessing pension money early.”

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