Half of retirees 'will not qualify for full state pension'

clock •

More than half of the 3.5 million people retiring between 2016 and 2020 will not qualify for the full new state pension, research has shown.

Government figures released in response to a freedom of information request by Hargreaves Lansdown showed about two million people will get less than the £148.40 a week new state pension, outlined by the government, in its first five years. Hargreaves said the majority of people falling short of the full state pension are likely to have been contracted out during their working lives. Other people who get less than 100% are likely to have interrupted National Insurance contribution histories, such as mothers or the self-employed. The firm added the formula for calculating the new state...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

The problem with decumulation isn't withdrawal rates - it's platform plumbing

The problem with decumulation isn't withdrawal rates - it's platform plumbing

'It's time to think differently about sequencing risk'

Hugh Cutler
clock 08 October 2026 • 4 min read
Annuity rates reach 18-year high of 7.75% in July

Annuity rates reach 18-year high of 7.75% in July

Up from 7.66% in April

Sophia Panayi
clock 30 July 2026 • 2 min read
Enhanced annuities: Turning health realities into better retirement outcomes

Enhanced annuities: Turning health realities into better retirement outcomes

'Retirement planning is not about choosing one solution over another but finding the right balance between them'

Mike Batty
clock 20 July 2026 • 3 min read