Experts have warned the state pension could become even less generous in the future if the Government cuts back on spending
A total of 5,677 pensioners on the new state pension are getting less than 5 per cent of the full weekly amount of £203.85, figures provided by the Department for Work and Pensions after a freedom of information request from Royal London show.
She said: “The state pension might not be the bedrock you had hoped for by the time you get to retirement. The full amount of state pension is often quoted to demonstrate how relatively generous pensioner benefits are compared to those for working people, but this top line number hides the reality that very few receive this maximum amount.”
So, on top of those missing out on the full new state pension, there’s likely to be more retirees receiving the basic state pension getting less than the full amount. “Under the new state pension system, you don’t get any state pension at all if you have fewer than ten years’ National Insurance, so it’s important to check your National Insurance contribution record.”The DWP allows people to boost their retirement income by making extra NI contributions to make up for missing years.
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