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• 45% did not know if married couples and individuals got the same or a different amount of state pension • almost a third of people (32%) thought they got their state pension automatically and did not need to apply for it • the average figure people thought the state pension paid being £534 per month, which is around £350 less than the current full monthly amount of £886 under the new state pension rules • almost half (48%) of those below state pension age said that they couldn’t live on the state pension amount comfortably • 69% of those yet to retire said that they had never worked out how much they need to live on in retirement • the average monthly amount respondents said they would need in retirement was £1,216, which is 37% more than the full state pension amount. Despite one in ten people not yet retired saying they would live off the state pension as their main form of income in retirement: • 52% of those who haven’t accessed their state pension have never checked how much state pension they are likely to receive • 45% have never checked their state pension age • 71% of adults have never asked for a copy of their National Insurance (NI) record. Sarah Pennells, consumer finance specialist at Royal London, said: "The state pension is the foundation of most people’s income in retirement, but for one in five of those who’ve retired, it’s their sole form of income. Living on £886 a month isn’t easy, especially currently during a cost of living crisis, and around a th ird (32%) of those we surveyed who are currently receiving the state pension told us that they’re struggling and have to supplement it with other income or savings. "I’d encourage anyone who has been putting off thinking about their retirement to make a start by getting a copy of their state pension forecast. Once they know that, they can work out how much income they’d need in retirement to afford the life they’d lik e and can begin to plan what they need to do with their finances to start to bridge that gap. There are plenty of free online tools and resources to help you.’’
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Pension schemes newsletter - October 2023 Published: 9 October 2023 Emailed: 11 October 2023
HM Revenue and Customs (HMRC) has published the ‘ Public service pensions remedy newsletter — October 2023 ’. The newsletter is published by HMRC’s pension schemes services to update stakeholders on the latest news about the public service pensions remedy.
Here are some of the key highlights:
• launch of the calculate your public service pension adjustment service - members affected by the public service pensions remedy will be able to make a submission through this service, reporting specified information covering the remedy period, about annual allowance and lifetime allowance charges
• public service pensions remedy interactive guidance – this guidance allows members to check if they’re affected by the remedy by answering a series of questions
• GOV.UK guidance for members - full guidance for members on the public service pensions remedy and what it means for them is now available in how the public service pensions remedy affects your pension
• GOV.UK guidance for pension scheme administrators - full guidance for pension scheme administrators on the public service pensions remedy and what it means for you is now available in how the public service pensions remedy affects pension scheme administrators.
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