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Is your state pension incorrect?

Have you seen in the news that the Pension Service may have calculated your retirement pension incorrectly. If not have a look at the Financial Times report in June.

The incorrect calculations mean that some individuals have seen an over payment of pension whilst some have been receiving too little. This, as always, does not affect everyone. The incorrect calculations have been highlighted by a review of the Pension Service which started in 2014 and will finish at the end of 2018.

If you have received too much pension, once your calculations have been reviewed, you may receive a lower payment in future. You should not be asked to repay any over payment. If you have received too little you will be paid a lump sum to recompense you for what you have missed. You can forget about interest on top as this is not being paid!

The errors have resulted in both under and over-payments so that some pensioners will see a fall in the amount they receive when the corrected figures are implemented (they will not have to repay any overpayments received) while others will receive lump sums representing the under-payments (although no interest will be paid).

It is therefore important to seek advice to check whether this affects you. You can contact the Pension Service about this or you can speak to your independent financial adviser.

If you are already receiving state pension and are one of the individuals affected by this error the State Pension team will contact you direct.

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