• Wealth Management
    & Employee Benefits:
    0345 241 6500
Request a call

Wealth Management News

Latest News
02 Nov 2016

DWP advises pensioners to check their NI records

Pensioners are being advised to consult their National Insurance records after the Department for Work and Pensions (DWP) admitted that thousands of people in the UK are currently being underpaid the state pension, the Daily Mail reports.

The confusion has arisen due to incorrect information being held on government computers, the DWP has admitted. These errors on the official records mean that around 30,000 individuals are not receiving as much money as they are entitled to.

With people already struggling to get by on their state pension, it is thought that thousands could be missing out on money that is owed to them.

The state pension is worked out by the amount of National Insurance contributions a person makes over their working life. The data is held by HM Revenue & Customs (HMRC), but is based on figures provided by employers.

With this figure being crucial to state pension payouts, the experts are advising both workers and retirees to ensure that their records are correct and up-to-date.

Commenting on the issue, a spokesperson from the Government has urged people to use the official online service: “To give people more control over their NI record, we also set up the ‘Check your State Pension´ online service, which allows people to review gaps in their records and provides a forecast of the amount of pension they get.”

The news comes following the DWP´s earlier admission that tens of thousands of women who stayed at home to raise their families may receive too little pensions to support their living costs. Their state pension entitlement was based on their child benefit records, which were kept on a separate system to NI records, meaning that errors likely occurred when the two were combined.

Steve Webb, the former pensions minister, has suggested that an additional 50,000 workers due to retire could still end up receiving the wrong payment amount.

Copyright M2 Bespoke 2016

Request a call

X

Thank you for your request. We will be in contact as soon as possible.