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Missing Out on State Pension? Check Your Claim!
If you’re a pensioner who was widowed before retiring, you might be missing out on a significant amount of state pension. According to Sir Steve Webb, a former pensions minister and partner at LCP, tens of thousands of people could be underpaid.
How to Check Your Claim
As a surviving spouse or civil partner, you may be entitled to inherit at least 50% of certain state pension benefits after your partner passes away. The Department for Work and Pensions (DWP) estimates that an additional £650 million in historic state pension underpayments will be corrected.
Understanding the Rules
The complexity of pensions rules can lead to errors, especially for those whose late spouse died before April 6, 2016, when the new state pension was introduced. If your late spouse had either reached state pension age or died before this date, you may be particularly at risk.
What to Check
Make sure you’ve received the correct amount of state pension by checking:
- Your national insurance record
- Any additional state pension (also known as Serps) or graduated retirement benefit your late spouse built up
- Any company pension scheme your late spouse was part of, which may provide a widow’s pension
Additional Tips
- If you’re not receiving a widow’s pension from a company pension scheme, you may be entitled to more inherited state pension
- If your late spouse was an employee, rather than self-employed, you may be eligible for a higher amount
The Consequences of Delayed Payments
Delayed payments can add up quickly, resulting in significant financial losses. If you assume an extra £1,000 per year, this could translate to tens of millions of pounds in ongoing annual expenditure and potentially many tens of millions in arrears.
Conclusion
As Sir Steve Webb suggests, these cases may be just the tip of the iceberg. With tens of thousands of people potentially underpaid, it’s crucial to check your state pension claim to avoid missing out. By using online tools, such as the LCP’s inheritance state pension calculator or the DWP’s own assessment tool, you can get a better understanding of what you’re entitled to.
FAQs
Q: How do I check my state pension claim?
A: Contact the DWP or use an online tool, such as the LCP’s inheritance state pension calculator or the DWP’s assessment tool.
Q: What is the new state pension, and how does it affect my claim?
A: The new state pension was introduced in 2016. If your late spouse died before this date, you may be eligible to inherit part of their state pension.
Q: Can I inherit part of my former partner’s state pension if they were self-employed?
A: Yes, but the amount you’re eligible for may vary.
Q: What if I’m not receiving a widow’s pension from a company pension scheme?
A: You may still be eligible to inherit part of your former partner’s state pension.
Q: Can I use an online tool to check my state pension claim?
A: Yes, use the LCP’s inheritance state pension calculator or the DWP’s assessment tool to get a better understanding of what you’re entitled to.
Q: How do I get in touch with the DWP about my state pension claim?
A: Contact the DWP via email (money@ft.com) or visit their website (gov.uk).
Author: www.ft.com
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