More than 17,500 older people received just £20 each week in State Pension payments last year.
People due to retire are being urged to check how much State Pension they will receive after new analysis indicated that only around half of people receiving the full amount of the New State Pension last year. The full New State Pension was worth £203.85 each week in 2023 and is worth £221.20 in the current financial year, however, Royal London also said the data shows that around 150,000 older people were on less than £100 per week.
Royal London said a previous Opinium survey it had commissioned among 4,000 people across the UK in June last year indicated that one in five people aged 66 and over were living on the State Pension alone. The move was announced by Chancellor Rachel Reeves on July 29 as part of a package of measures designed to tackle a £22 billion “black hole” left by the Conservatives. People may also be able to boost their retirement income by making extra National Insurance Contributions to make up for missing years.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “The State Pension forms the backbone of people’s retirement income so it is vital that you make sure you are receiving the right amount. Getting a State Pension forecast will enable you to see where there are gaps in your national insurance record so you can make a plan on how to fill them.”
Alternatively, pensioners can contact the Pension Credit helpline directly to make a claim on 0800 99 1234 - lines are open 8am to 6pm, Monday to Friday.Below is an overview of the benefit including who should check eligibility, how to go about it and how much you could get.
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