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Pension information given to millions 'is wrong'
Pension information given to millions 'is wrong'
This is a duplicate of the Blog Entry made on: 11th January 2016 11:42
This is a duplicate of the Blog Entry made on: 11th January 2016 11:42
Millions of people may be planning their retirement based on wrong information thanks to government "bungling" MPs have warned. The Commons Work and Pensions Committee said details sent out about when people will get state pensions and how much they are worth were "inadequate" and "confusing". It warns this particularly applies to women, whose pension age is changing.
The DWP said it was working hard to help people understand the issues. The state pension age will reach 66 by October 2020, with women's pension age being raised to match that of men's. Previously, women's state pension age was 60, with men's set later at 65.
The Work and Pensions Select Committee has prepared an interim report on the New State Pension (NSP), which replaces the basic and additional state pensions from April. MPs said they had done this because the situation was too urgent to wait for the full inquiry to be completed.
Misunderstanding
The report said there were "widespread concerns" that women had been unaware of increases in their state pension age dating back to 1995. One woman told the MPs she had been sent a letter by the Pension Service in 2005 that did not mention her retirement age. In 2012, two years before her 60th birthday, which she thought was her pension age, she received another letter saying she was not entitled to draw that until she turned 66.....Read more here
The DWP said it was working hard to help people understand the issues. The state pension age will reach 66 by October 2020, with women's pension age being raised to match that of men's. Previously, women's state pension age was 60, with men's set later at 65.
The Work and Pensions Select Committee has prepared an interim report on the New State Pension (NSP), which replaces the basic and additional state pensions from April. MPs said they had done this because the situation was too urgent to wait for the full inquiry to be completed.
Misunderstanding
The report said there were "widespread concerns" that women had been unaware of increases in their state pension age dating back to 1995. One woman told the MPs she had been sent a letter by the Pension Service in 2005 that did not mention her retirement age. In 2012, two years before her 60th birthday, which she thought was her pension age, she received another letter saying she was not entitled to draw that until she turned 66.....Read more here