DWP issued warning over 'complex' pension system amid 'unacceptable' poverty

The Department for Work and Pensions has increased the amount of money that retired people receive through the State Pension this month to over £11,500 per year - but research has found that around one in five pensioners are still living in poverty, despite the large rise in payments, with many being forced to sell all or part of their homes to fund their golden years.

With confusing terms like the "triple lock" being bandied by both political parties ahead of this year's General Election, the Get Britain Pension Ready campaign is urging the government to provide unwavering stability and simplified communications on all pension reforms going forward, ensuring the nation's retirees can make well-informed decisions to secure their income for the golden years ahead.

In response, a DWP spokesperson said: “There are 200,000 fewer pensioners in absolute poverty after housing costs than in 2009/10 and we have delivered a further increase of 8.5 per cent to the State Pension this month, taking the full rate of the New State Pension to more than £11,500 a year. A difficult choice The UK's wider financial climate has seen one in three Brits pull out of private pension payments in recent years, leaving even more older Brits vulnerable to being cash poor in retirement. For this and other reasons, many pensioners who have paid off their mortgages are now facing selling off part of the total value of their homes in order to help fund their retirement, as increasing cost of living pressures make their fixed incomes increasingly worth less.

Pensions Cost Of Living DWP

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