Dean Butler, Managing Director for Customer at Standard Life, comments on the number of State Pension recipients who over-estimated their entitlement before they retired. 

One in seven (14%) retirees received less money from the State Pension than they were expecting, new research from Standard Life, part of Phoenix Group, finds, highlighting the need for more accessible information around what people can expect to receive from the Government later in life.

A fifth (20%) of retirees also admitted they were not aware of how much they would receive from the State Pension before they retired, while one in ten (9%) did not find it easy to determine what their payments would be. Both full-time and part-time workers reported a lack of awareness, regarding the value of state pension payments with the knowledge gap being significant between those owning their own home (38% unsure) and people renting – both private and council tenants, (50%) or those living with parents or family (54%). 

Dean Butler, Managing Director for Customer at Standard Life comments:

Questions around whether the State Pension should rise with inflation in what’s known as the ‘Triple Lock’ were constant last autumn, and now the Government is looking at whether to bring forward the planned rise in State Pension age to 68. In an environment where change is the one constant, it’s easy to understand how consumers are overwhelmed and might struggle to seek information about the value of their State Pension entitlements, and when they’ll qualify for payment. With the State Pension making an important contribution to most peoples’ money in retirement, knowing how much you’ll receive is crucial when planning for the future.

Full release: State Pension knowledge gap: One in seven receive less than expected

✉️ James Ikin, Lansons, 07519 556776 / jamesi@lansons.com