UK. State pension: Warning as ‘low’ sum leaves millions at risk of ‘inadequate’ income
The State Pension is made available to individuals who have put forward a set number of National Insurance contributions throughout their lifetime. Many people will have worked for decades to ensure their state pension reaches the full sum as outlined by the Department for Work and Pensions (DWP). At present, the most someone can receive through the basic state pension is £137.60 per week.
This increases slightly to a full sum of £179.60 per week for those on the new state pension.
Of course, though, what people actually receive is based on their National Insurance contributions, and some may not be able to unlock the full amount.
Regardless of what people actually receive from the state pension, there are concerns about whether this form of support is enough to see Britons through their retirement.
Indeed, a recent report undertaken by the Pensions Policy Institute and the Centre for Ageing Better, has revealed the extent of the potential problems.
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