Shock as millions of workers will not qualify for full state pension
MILLIONS of workers face a retirement shock because they will not qualify for the full state pension, it is claimed today.
As many as 6.1 million people now aged between 40 and 65 will not have worked enough years to qualify for the benefit, according to annuity group Partnership.
The 30 years necessary to qualify is being is raised to 35 years from April 2016 and 28 per cent of employees will not have been in work long enough, it says.
Andrew Megson, managing director of retirement at the annuity group, said: “When people plan their retirement finances many assume that they will be eligible for the full state pension but a variety of issues and life choices can mean that people do not work for the full 30 years.”
Workers can pay additional national insurance contributions to fill gaps in their record to ensure they get the full state pension.
The state pension is currently just over £113 a week though tax credits can boost this. Next April a flat-rate pension of around £150 will be introduced.
