New research from Standard Life suggests that one in seven (14%) retirees received less money from their State Pension than they were expecting, indicating a possible need for more accessible information on how the contributory benefit is calculated - in advance of reaching retirement age.
Standard Life’s Retirement Voice study highlights knowledge and information gaps around the State Pension and found that a fifth (20%) of retirees admitted they were not aware of how much they would receive from the State Pension before they retired, while one in 10 (9%) did not find it easy to determine what their payments would be.
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% unsure) and people renting - both private and council tenants, (50%) or those living with parents or family (54%).
