Around 50,000 women and 20,000 men in their fifties and sixties are set to miss out entirely on the new state pension between now and 2030 because they don’t have the minimum number of qualifying years under new rules, according to charity Age UK.
With just one month to go until the new state pension comes in, the charity is warning that many people still have no idea how they will be affected by changes to the system.
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Age UK explains that under the current system there's no minimum qualifying period, so people are entitled to receive at least some state pension, even with only a few years of National Insurance (NI) contributions. However under new rules, people with fewer than 10 qualifying years will not receive any state pension at all.
The charity's concerned that many don’t realise that they won’t be eligible for the full state pension from April, unaware of the transitional arrangements which mean amounts paid directly from the state can vary.
'Many completely unaware'
Age UK Southampton’s Chief Officer, Peter Bennie, said: “Big changes are about to come in to simplify the state pension system, yet we know that many people in their fifties and sixties are completely unaware of how they will be affected.
“There is evidence suggesting that some people in this age group are so worried about what their finances will be once they retire that they are reluctant to think about it at all – but our strong advice is to take action now to find out exactly where you stand.”
Those affected – women born on or after April 6, 1953 and men born on or after April 6, 1951 – are urged to get information to help them plan their retirements effectively. A new fact sheet is available free of charge from www.ageuk.org.uk or by calling Age UK Southampton on 023 8036 8636.
The charity is also advising all those approaching state pension age to order a pension statement from the Government’s Future Pension Centre to check how much they are likely to receive, by phoning 0845 3000 168 or downloading form BR19 at www.gov.uk/state-pension-statement.
Any older person who's concerned about their state pension can call Age UK Southampton on 023 8036 8636 or email This email address is being protected from spambots. You need JavaScript enabled to view it.