Simple error can leave Brits with £50,000 less than expected in pension pot
Millions of Brits are at risk of being caught short by over-estimating their state pension payments by up to £50,000, a consumer watchdog has warned.
Research by Which? revealed three in 10 believe they will get thousands more through their retirement years because they have got their figures wrong.
Only three in 10 knew the average weekly state pension is worth around £150 or £7.800 a year.
But with guesses ranging from £175 to £200 a week or up to £10,400 a year, many face pension shock as their twilight years from 66 to 88-years-old fall short of expectations by £49,400.
Brits were better versed on the 2015 pension freedom rules with four in 10 knowing there were now options to access money from a defined contribution scheme such as withdrawing lump sums, buying an annuity or using drawdown to keep the money invested and taking income from the fund.
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