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Urgent warning over poverty pensions after Chancellor pushes back reforms

^{Published on 2024-12-15 08:20:51 - Daily Express}
 

• The warning follows a decision by the Chancellor, Rachel Reeves, to push back a review and reforms of workplace pensions

The article from Express.co.uk discusses an urgent warning regarding the UK's state pension system, highlighting that many pensioners are facing poverty due to inadequate pension amounts. It points out that the state pension, which many rely on as their primary income in retirement, often falls short of what is needed to cover basic living expenses, especially with the rising cost of living. The article mentions that the full new state pension is £203.85 per week, but many receive less due to incomplete National Insurance records or other factors. Experts warn that without significant reforms, such as increasing the pension amount or addressing the shortfall in contributions, the number of pensioners living in poverty could rise. The piece also touches on the broader implications of this issue, including increased reliance on means-tested benefits and the potential strain on social care systems.

Read the Full Daily Express Article at:
[ https://www.express.co.uk/finance/personalfinance/1988739/urgent-warning-over-poverty-pensions ]

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