34 DWP errors that could reduce the size of your state pension | Personal Finance | Finance [Video]

People are being warned of dozens of DWP errors that could reduce your final state pension pot. It comes amid new data that raises questions about whether even the full sum is enough to live on in retirement.

While millions of people are now making their own plans to fund their retirement, the state pension provides a vital safety net to fund essentials.

The state pension is currently worth £221.20 a week. It adds up to £11,502.40 a year, and is set to rise to just under £12,000 in April next year.

The Pensions and Lifetime Savings Association (PLSA) says single people need £14,400 a year for a “basic” retirement. If that is the case, the full state pension takes you 80 percent of the way there but no more.

For a couple, the PLSA says that a basic retirement will cost £22,400 a year. In that case, if both partners get the full state pension, they will have already achieved …

Tags Personal Finances, Retirement Plan, Retirement Planning