Overview

• More than two million pensioners are missing the full new state pension of £11,973 a year, with over 200,000 receiving under £115 weekly due to incomplete National Insurance records.
• Research from the Pensions and Lifetime Savings Association shows the current pension falls more than £2,400 short of the £14,400 needed for a basic retirement standard.
• Self-employed Britons aged 60 to 65 are particularly exposed, as 64% have no private retirement savings and must manage their own National Insurance contributions.
• The Department for Work and Pensions and retirement specialists recommend checking contribution histories and making voluntary payments or purchasing credits to shore up entitlements.
• The newly established UK Government Pensions Commission has begun reviewing pension adequacy and sustainability to develop long-term improvements.