REVEALED: How 6 in 10 won’t get the full £155-a-week new flat-rate state pension they expect

  • 58% of workers retiring in 2016 will get less than the promised £155 a week
  • Women will be worst affected and anyone who spent years saving into a final-salary pension
  • Teachers, nurses, servicemen and civil servants could also be hit by the shortfall.

Around six in ten workers will miss out on the full £155-a-week new flat-rate state pension when it is introduced in 2016, Money Mail can reveal.

Despite Government promises that anyone who stayed in employment their whole working life would be able to get the full state payout, official figures show that just 250,000 men and women will receive the maximum weekly amount.

In total, 58 per cent of workers retiring in 2016 will get less than £155. More than two decades after the scheme is introduced, one in five will still fail to qualify for the full weekly payout.

The revelation will be a blow to millions of people in their early 60s who have no time to build up extra qualifying years for the new pension.

The worst affected will be women, and anyone who spent years employed by a company that allowed them to save into a final-salary pension. They won’t get the full payout because they were allowed to pay reduced National Insurance contributions as they ‘contracted out’ of the second state pension.

It will also hit teachers, nurses, servicemen and civil servants

Read more: http://www.thisismoney.co.uk/money/pensions/article-2654291/REVEALED-How-6-10-wont-155-week-state-pension.html#ixzz34K1zoyDr

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