Older people 'not claiming all pension entitlements'

Posted on 20 May 2011

Despite the fact that older people need access to all their funds when choosing a care home, many are still not fully claiming their pension entitlements, according to one expert.

Robin Ellison, partner at Pinsent Masons, has said that some people are not claiming all of their money.

He explained that while people are claiming their pensions from private and occupational schemes, this is not always the case with state pensions.

"There is about £5.5 billion a year under claimed by low-paid people when they retire from the state pension guarantee, mostly because it is too complicated to claim," explained Mr Ellison.

In other news, research by Prudential revealed that men expect to retire to an average income of £19,400 per year.

This is 50 per cent more than women who believe they will have an average income of £12,900 upon retirement.

Posted by Nigel Murphy

 

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