24% of UK adults unaware of their state pension age


22% did not know how much they would receive from the state pension, increasing to 29% among 55- to 64-year-olds

Around a quarter (24%) of UK adults have said they are not aware of their state pension age, including 10% of those aged between 55 and 64, according to Standard Life.

As reported by Money Age, the company’s Retirement Voice report, which surveyed more than 6,000 UK adults, found that 22% did not know how much they would receive from the state pension, increasing to 29% among 55- to 64-year-olds.

The report also stated that one in five (20%) of those aged 65 and over were also not sure about this.

The state pension age is the earliest age at which people can start receiving their state pension. This is presently at 66, but it is set to increase by 67 by 2028.

Nevertheless, flexible workplace and personal pension plans usually let savers start taking their money from the age of 55, increasing to 57 in 2028.

The statistics released by Standard Life follow on from the government announcement that the state pension will increase by 8.5% next April.

The report also revealed that more than one third (38%) do not know how to calculate their state entitlement, with 37% stating they do not know what the current value of payments from the state pension are.

Moreover, a quarter (25%) of those surveyed do not know that their national insurance contributions determine the level of entitlement they will get via their state pension in retirement.

Dean Butler, MD for retail direct at Standard Life, commented: The state pension is set to increase by 8.5% next April and remains an important part of most people’s retirement plans, but many are confused on the detail.

He added: Knowing when you will start to receive the state pension and how much you will get is an important part of preparing for later life as it indicates how much you will need to save in your private pension to meet your expected standard of living in retirement and to be able to retire when you want to.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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