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New State Pension statement usage rises 40%
The number of people accessing their new State Pension statement has increased by almost 40% in the last 6 months to approximately 400,000, the DWP has said.
Pensions Minister Baroness Ros Altmann said it was “encouraging to see that more and more people are taking an interest in their State Pension”.
It comes roughly six months after The Work and Pensions Committee suggested the Government had failed to clearly inform people about state pension reforms. It launched a probe into the new system.
Baroness Altmann had said herself in September that the Government had failed to clearly explain the changes. She launched a new advertising campaign to help rectify this.
She said this week: “Through our pensions reforms we want to create a better culture of saving which is why we have introduced automatic enrolment that will help people supplement their State Pension and we are providing more opportunities to save for retirement.”
Anyone over the age of 18 can access information about their State Pension by using the new online Check your State Pension service, she explained in a statement.
This service provides a personalised estimate of what someone may receive when they reach State Pension age based on their National Insurance contributions records.
It can also highlight any gaps in National Insurance contributions and whether these can be filled with voluntary contributions.
Since the service went live on 12 February 2016 there have been 300,000 unique visits, DWP officials stated. Those not able to use the online service can request a State Pension statement from DWP.
Late last year, DWP statistics, detailing the impact of the new state pension on an individual’s pension entitlement, suggested that by 2028 about half of men reaching state pension age would be getting less than under the current system.
Over 50% of men reaching state pension age in 15 years will have a lower notional income under the new system, the figures showed.