New State Pension payments may be less than older people retiring this year expect

dailyrecord.co.uk:

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%).Those who are not yet retired are similarly in the dark, with almost three in 10 (28%) stating they don’t know what their State Pension age is, and 44 er cent unaware of the amount they’ll receive from the State Pension when they retire.Dean Butler, Managing Director for Customer at Standard Life, said: “Questions around whether the State Pension should rise with inflation in what’s known as the ‘Triple Lock’ were constant last autumn, and now 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