There is widespread confusion about state pension entitlements, with a fifth of those in retirement saying they did not know what they would receive in advance.
Many people are over-estimating this benefit, with one in seven (15 per cent) of retirees stating they got less than they expected. Meanwhile one in 10 said they had difficulties finding out how much state pension ethey were entitled to.
The research by Standard Life suggests this is an ongoing issue, with almost three in 10 (28 per cent) workers saying they do not know at what age they’ll start getting their state pension, and 44 per cent saying they have no idea what it will be worth.
Standard Life says these findings highlight the need for more accessible information around what people can expect to receive from the Government later in life.
Both full-time and part-time workers reported a lack of awareness, regarding the value of state pension payments with the knowledge gap being significant between those owning their own home (38 per cent unsure) and people renting, where the figure rose to 50 per cent.
Standard Life managing director for customer Dean Butler says: “The Government is looking at whether to bring forward the planned rise in State Pension age to 68. In an environment where change is the one constant, it’s easy to understand how consumers are overwhelmed and might struggle to seek information about the value of their state pension entitlements, and when they’ll qualify for payment. With the state pension making an important contribution to most peoples’ money in retirement, knowing how much you’ll receive is crucial when planning for the future.”