500,000 mothers missing out on pensions
A large number of women are suspected to be missing out on the full pension they are entitled to because of a flaw in recording their details, according to the Liberal Democrats.Steve Webb, who is in charge of the Lib Dems' manifesto, says that up to 500,000 women could be affected but he is appealing to the government to find out exact figures.Speaking on Radio 4's Money Box programme, Mr Webb said: "A group of people we are talking about are women who are now in their sixties or early seventies, women who had a child born sometime in the mid-sixties onwards who are now drawing a pension that is less than the full basic state pension."He went on to explain that there was a system in place that was designed to help their pensions rights for the years that they weren’t working and were drawing child benefit."Essentially the point is that we don’t think that government computers in the 1980s, in different departments, were talking to each other given that they can't get it to work 25 years later," he said.
Share this..
Related stories
Should the state look after us in later life?
There has been much mention of the UK pensions industry over the last few weeks, in both the public and private sectors, with many changes forecast in the future. However, it is becoming more and more apparent that many people in the UK are unwilling or unable to put aside savings for their retirement and will become more dependent upon the state to fund their later life. But should the state look...
Read MoreDoes the government of the day really control the direction of the UK economy?
As we enter what is becoming a serious downtrend in the UK economy many people are starting to ask whether the government of the day really do have control over the direction of the UK as a whole. While undoubtedly there have been mistakes made by the government, the onset of the credit crunch and collapse of the property market has not helped what was already a difficult situation. But could the...
Read MoreConnaught Group on the verge of collapse
Connaught Group, the stock market listed social housing company, has today suspended its shares amid concerns that the company's bankers are willing to come forth with any more funding to support the company in the short to medium term. It is believed that government spending cuts had blown a £200 million hole in the company's revenue forecast for the future, something which saw the shares fall o...
Read MoreHow are so many pension schemes in deficit?
While the British Telecom final salary pension scheme is currently attracting all of the headlines, there are many more major UK pension schemes in significant deficit. As we have covered on numerous occasions, the situation has arisen because of a number of factors which include:-
The assumption that the average pensioner will live longer than first thought
A redu...
Alistair Darling admits that banking super tax has failed
Former Chancellor of the Exchequer Alastair Darling has this week delivered a speech suggesting that his "banking super tax" which was supposed to hit those receiving bonuses in excess of £25,000 a year has effectively failed. He believes that due to the very loose wording of the regulations it was particularly easy for many of the high profile financial companies to potentially delay any payment...
Read More