The state pension is back in the headlines this week after Work and Pensions Secretary Liz Kendall announced a fresh review of the state pension age during a speech in west London last Monday. With the next increase from 66 to 67 due next year, and a further rise to 68 planned for 2044, questions are mounting over whether the timeline still fits the nation’s needs.
The fast-growing costs of the state pension, driven largely by an ageing population, have led experts to question whether it’s sustainable. Alongside this, Ms Kendall unveiled the revival of the Pensions Commission, tasking it with finding ways to help people build larger retirement pots. The move comes amid mounting evidence that millions could fall short of what they need.
According to new Department for Work and Pensions (DWP) research, 45% of working-age adults aren’t saving anything into a pension, while an estimated 15 million Britons are “undersaving”.
The self-employed, low-paid, and some ethnic minority groups are among those most at risk. In the same week, concerns resurfaced over state pension payments linked to National Insurance records.
Hundreds of thousands of people may not be getting, or are not on track to get, their full entitlement because their records are missing Home Responsibility Protection (HRP) credits.
This issue traces back to errors caused during the 2010 shift to National Insurance credits. If your record has gaps, you may not get the full state pension amount.
The most affected are those now aged 40 to 90 who took time off work between 1978 and 2010 to care for children or a person with disabilities.
If you’re planning to retire soon, or you have already, here are a few vital steps to ensure you put yourself on the best footing. Firstly, check your National Insurance record.
Visit GOV.UK or call the National Insurance helpline on 0300 200 3500 to get your state pension forecast. If you spot missing HRP credits, you can reclaim them to boost your pension.
Track down lost pension pots. An estimated £31billion sits in forgotten funds. Use the Pension Tracing Service online or call 0800 731 0175 to see if any is yours.
Finally, update your benefit claims. If you get benefits as you retire, let your provider know. Some, such as Personal Independence Payments (PIP), end at state pension age, while others, like Attendance Allowance, can be claimed once you cross that threshold.
Millions of pounds go unclaimed from the DWP, making it vital to check what you might be eligible for. Charities such as Turn2Us offer free online benefit calculators.
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Eleven people in the UK are owed £100,000 in Premium Bond prizes. They’re part of a staggering £103million in unclaimed winnings.
According to NS&I, people often lose track of their account details after moving without updating their address. The good news is that there’s no deadline for claiming lost prizes, so you can always recover what’s yours.
To check, visit the NS&I prize checker at nsandi.com/prize-checker with your bond holder number. If needed, you can also use NS&I’s tracing service. Simply print the form on its site and post it.
Once you’ve tracked down any lost bonds and winnings, consider updating your preferences so future prizes are paid straight into your bank account. According to NS&I, this is the quickest way to ensure you don’t miss out.
