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Lack of knowledge costly for pensioners

Lack of knowledge costly for pensioners

Category: Pensions

Updated: 07/09/2009
First Published: 07/09/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Pensioners have been advised to find out how much they are entitled to claim from the state, following news that many are missing out on hundreds of pounds that could help them in retirement.

One in four pensioners have admitted to not knowing about state benefit entitlements that could significantly boost their income in retirement, research conducted by from Just Retirement Solutions has found.

Retirees are missing out on the equivalent to almost one month's state pension - an average of £232 - by not being aware of their benefit entitlement.

Of the customers advised, 24 per cent were eligible to claim state benefits where nothing had previously been claimed, and a further three per cent were identified as not claiming enough.

Nigel Barlow, Head of Research at Just Retirement, said: "The lack of awareness surrounding state benefits is a real concern mainly due to the fact that information is not always readily available or easy to follow.

"However, pensioners can considerably bolster their income by getting to grips with their entitlements which can be the equivalent to getting almost one month's state pension extra per month."

Andrea Rozario, director general at Safe Home Income Plans described the lack of knowledge on state pensions as disturbing and highlights the need to obtain thorough advice.

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