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55% of pensioners to miss out on full state pension


Government figures have shown that only 45% of pensioners will be eligible for the new state pension in the first five years of the system.

The new state pension is replacing the current state pension scheme in April 2016, and it will see a single payout of about £150 made to new pensioners.

Anyone who reaches state pension age before April 2016 will receive the current state pension.

New figures have suggested that two million people will not get the full amount. Investment firm Hargreaves Lansdown submitted a freedom of information act, which reveals that only 45% of those retiring between 2016 and 2020 will get the full £150. People who have less that 35 years of National Insurance contributions will receive a lower pension, as well as some people with a private or workplace pension provision.

Tom McPhail, of Hargreaves Lansdown said:
"The new state pension will ultimately be a simpler and fairer system. However, in the short term it will be complicated and many people are likely to get less than they may expect"

Experts have expressed concern about pensioners not realising they are not entitled to the full benefit, which could come as a nasty shock to them. The Department of Work and Pensions have claimed that nobody would be worse off that they would be under the current system.

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