A stark warning has been issued to UK workers approaching retirement age, as new analysis reveals a significant group could miss out on up to £10,000 in state pension payments.
Who's at risk?
The affected group includes those born between April 6, 1970, and April 5, 1978, who may find their state pension age increased without sufficient notice. This demographic shift could leave many facing unexpected financial shortfalls during their retirement years.
The £10,000 gap
According to pension experts, the change could result in individuals receiving 12 months less in state pension payments than they anticipated. With the full new state pension currently worth £10,600 annually, this represents a substantial financial impact.
Why is this happening?
The issue stems from ongoing adjustments to the state pension age, which is gradually increasing to 67 between 2026 and 2028. While the government maintains it has provided adequate notice, campaigners argue many affected individuals remain unaware of how these changes will impact them personally.
What can you do?
Financial advisors recommend:
- Checking your state pension age using the government's online calculator
- Reviewing your retirement savings plan
- Considering working longer or increasing private pension contributions
- Seeking professional financial advice
The Department for Work and Pensions states it has communicated these changes through multiple channels, but campaigners continue to call for clearer communication and support for those affected.
