Check your pension entitlement online

NEARLY 20 per cent of people in Britain don’t know when they will get their state pension and this confusion is making planning for retirement almost impossible for many, according to research carried out by Opinium Survey on behalf of Hargreaves Lansdown, .

The earliest you can claim is 66 for women and men.

For those born after April 5, 1960, there will be a phased increase in the age to 67 and eventually 68. The full level of the state pension is £179.60 a week in the 2021-22 tax year, which produces an annual income of £9339.20.

Helen Morrissey, a senior pensions and retirement analyst at Hargreaves Lansdown said: “The state pension age has been on the rise in recent years, which has either passed people by or left them completely confused so huge numbers have no idea when they might get their pension.

“Unsurprisingly, more younger people are in the dark – partly because it’s such a distant prospect and also because some of them are likely to expect more rises in the state pension age by the time they get there.

“However, more worryingly, more than a quarter of people in the 45 to 54 age group were also confused. This is concerning because their plans for retirement should be much more detailed by this stage.”

Morrisey thinks a sizeable minority of people don’t have a clue how much pension to expect when they reach state pension age. She added: “A third of people don’t know how much they are likely to receive and this includes 35 per cent of those in the 55 to 64 age group.

“The state pension forms the backbone of many people’s retirement planning and making plans based on incorrect assumptions can derail someone’s plans and undermine their financial resilience.

“Over time, increasing numbers of people will receive more state pension, as more people with longer work records reach retirement age. But not everyone will be able to accumulate the 35 years’ worth of National Insurance needed for the full state pension and any periods of contracting out will also impact the amount received so people will still slip through the net.

“Our recent analysis of Government figures showed there are still over two million pensioners receiving less than £100 per week. If you don’t know what state pension you’re due to get, check it online. It’s an opportunity to discover whether there any gaps and to take control of your retirement planning.”