Lack of knowledge costly for pensioners - Pensions - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Lack of knowledge costly for pensioners

Lack of knowledge costly for pensioners

Category: Pensions

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

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 It is now over 6 months old so the content may be out of date.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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Have you lost track of your pensions?

The changing nature of the jobs market means it’s highly likely that you’ve got more than one pension pot, but the question is, do you know where they all are? According to research from Aegon, many people don’t.

Grandparents missing out on pension protection

Grandparents who give up work to take care of their grandchildren could be missing out on valuable state pension rights. So, if you're a grandparent taking care of a little one, make sure you’re building up all of the pension that you deserve.

Setting goals could boost your pension pot by £30K

Setting goals can be the key to success in many areas of life, helping motivate you to achieve anything from career progression to building up that house deposit - and if you have goals set for retirement, you could boost your pension by £30,000.