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Few people understand new state pension
Few people understand new state pension
This is a duplicate of the Blog Entry made on: 28th March 2016 15:14
This is a duplicate of the Blog Entry made on: 28th March 2016 15:14
Ministers have not made it clear that most people retiring on the new state pension will not receive the £155.65 weekly rate, MPs have warned.
The Work and Pensions Committee said that "failures of communication mean that too few people understand it". It said 55% of claimants would get less than £155.65, mainly because of contracting-out or contribution gaps. The Department for Work and Pensions (DWP) said it was committed to ensuring the changes were understood.
'Bungling'
MPs also called for the DWP to write to people who stood to receive less than previously expected and also set up a telephone hotline to deal with their questions. In January, the committee warned that millions of people may be planning their retirement based on wrong information thanks to government "bungling". The new state pension replaces the basic and additional state pensions from 6 April. People who are already in receipt of a state pension by that date will continue to receive their state pension under the existing rules.....Read more here
aad blog pages: - Check other pages from the Blog!
Jan 2016 Pension information given to millions 'is wrong' - Link
Sept 2015 New state pension shambles - Link
Feb 2014 Ministers in Lords defeat over single state pension - Link
Jan 2014 State pension plans 'unaffordable and irresponsible' - Link
May 2012 - Will you be stuck with the second class state pension in retirement? LINK
The Work and Pensions Committee said that "failures of communication mean that too few people understand it". It said 55% of claimants would get less than £155.65, mainly because of contracting-out or contribution gaps. The Department for Work and Pensions (DWP) said it was committed to ensuring the changes were understood.
'Bungling'
MPs also called for the DWP to write to people who stood to receive less than previously expected and also set up a telephone hotline to deal with their questions. In January, the committee warned that millions of people may be planning their retirement based on wrong information thanks to government "bungling". The new state pension replaces the basic and additional state pensions from 6 April. People who are already in receipt of a state pension by that date will continue to receive their state pension under the existing rules.....Read more here
aad blog pages: - Check other pages from the Blog!
Jan 2016 Pension information given to millions 'is wrong' - Link
Sept 2015 New state pension shambles - Link
Feb 2014 Ministers in Lords defeat over single state pension - Link
Jan 2014 State pension plans 'unaffordable and irresponsible' - Link
May 2012 - Will you be stuck with the second class state pension in retirement? LINK