Press Association
Thursday 2nd September 2010
Half of Scots approaching pensionable age have done nothing to plan for their retirement, according to a survey.
Only a quarter (25%) of the over-50s questioned in a poll have checked how much state pension they will get. More than a third (34%) approaching retirement say they haven't discussed their plans with their partner.
The findings of the Ipsos MORI poll were released four weeks before landmark changes to the state pension which will mean more people are eligible to get a full basic state pension.
To mark the countdown to the changes, which come into force on April 6, the Department for Work and Pensions (DWP) is calling on people approaching retirement to find out the facts.
Angela Eagle, Minister of State for Pensions and Ageing Society, said: "We are changing the state pension to make it fairer and more generous, so more people are able to build up the full amount. These days most of us can expect to spend at least 20 years in retirement, so it is important that people understand how these changes affect them and plan ahead so they can get the most out of later life.
"In the past, millions of women who chose to stay home and care for family and children have missed out on pension cash in retirement. Next month this will change. The system will be fairer for women and carers. Nine out of 10 women will be able to build up a full basic pension in their own right."
Under the changes a new National Insurance credit will allow parents and carers to accrue a full basic state pension. For the first time it will be possible for a carer to do this entirely with credits. The state pension age for women will gradually rise from 60 to 65 to match men.
The DWP said that 60,000 more people reaching state pension age in 2010 will get a full basic state pension, including 40,000 more women who are due the full amount because of changes like the reduction in qualifying years from 39 to 30.
The number of years men need will also be cut from 44 to 30, helping 20,000 more get the full payout.
The survey last autumn questioned 1,196 men and women, born between 1945 and 1960, aged from 50 to state pension age, which is currently 60 for women and 65 for men.
