29 August, Thursday, 2024
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HomeSourcesexpress.co.ukIs the state pension generous enough

Is the state pension generous enough

State pension payments can vary from person to person, however, the Department for Work and Pensions (DWP) lays out the full sum each year. Currently, the full basic state pension pays out £141.85 per week, and this should be available to people with 30 or more years of National Insurance contributions.Under the new state pension scheme, the full amount should be £185.15 per week, typically for those with 35 qualifying years of contributions.Some may get less than the full new state pension if they were contracted out before April 6, 2016.The matter of state pension generosity is one which continues to prove divisive, research by Canada Life has shown.Over half of Britons they asked believe the state pension is not generous enough.READ MORE: Warning as 1,200 pension savers per day hit with tax charge State pension: Is the state pension generous enough? POLL (Image: Getty)The majority of over 55s said the sum they are given is not enough, but this is in contrast to younger age groups where only a third of 18 to 34 year olds believe the sum is enough.Indeed, 10 percent of this lower age category believe the state pension is ‘too generous’ in its current iteration.The group also floated three common suggestions on how to make the state pension ‘fairer’: means-testing payments, payments based on life expectancy, and early claiming at a reduced rate.While means-testing and life expectancy proved unpopular, 46 percent were in favour of an early claim for the state pension, even if it meant accepting a reduced rate. Andrew Tully, technical director at Canada Life, said: ‘The state pension is clearly a hot topic which can elicit a range of strongly held views and opinions. DON’T MISSDWP benefit and payment recipients to get Christmas bonus – full list [UPDATE]Inheritance tax warning as thousands at risk of unexpected bill [LATEST]State pension – You may not get a full sum – check now [ANALYSIS] State Pension UK: What is State Pension? (Image: EXPRESS)The triple lock was a Tory party manifesto commitment at the 2019 election.It may not become clear whether the triple lock remains until November 17, when Mr Hunt delivers the postponed economic autumn statement. Previously, Mr Sunak has said he will act to ‘protect the most vulnerable’ in society. However, when questioned on the matter in the Commons weeks ago, Mr Hunt said he would not make commitments on ‘individual policy areas’.What do YOU think? Is the state pension generous enough for older Britons? Vote in the Express.co.uk poll.

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