The Department for Work and Pensions (DWP) is paying almost £3bn to 200,000 women who did not receive the proper state pension they were due. The former pensions minister Steve Webb explains how he helped bring the issue to light and the key points advisers should be aware of...
Advisers will be familiar with the complexity of the private pension system, but coming up fast on its heels for complexity is the state pension system, and particularly the ‘old' state pension system which affected those who reached pension age before 6th April 2016. One symptom of that complexity is that it can be possible to pay the wrong pension to someone for years without them even realising it. And in the case of the pensions payable to 200,000 married women, widows and the over 80s, that is exactly what has just happened. Last week it was revealed that the DWP would be spendi...
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