Some women have had their retirement expectations "smashed" as a result of poor government communication about changes to the state pension age, MPs have said.
The work and pensions committee, chaired by veteran MP Frank Field, called for urgent changes to the information the Department for Work and Pensions (DWP) is sending out to people approaching retirement age. The committee said it had become clear over the past few months that the new state pension is "widely misunderstood". MPs said the new system, which was introduced under the Pensions Act 2014, replaces the basic and additional pensions for people reaching state pension age from 6 April 2016. An inquiry by the committee discovered widespread confusion over what people think t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
