Few 'have any idea' about changes to pensions

Pensioners are being reminded to act now to make sure they get the best out of the new changes to pensions which come into place on April 6th.

The changes will see the national minimum pension age go up from 50 to 55 and the Daily Mail reports that few people are aware of the development.

Income in retirement will change for 50 million people affected by the biggest set of reforms in pensions since the introduction of the state earnings-related pension in 1978.

The Association of British Insurers has encouraged financial advisers to make sure the correct arrangements have been made for pensioners affected by the change.

Stay-at-home mums and carers will have the opportunity to earn a full state pension under the new scheme. However, the Daily Mail reports, the top-up pension earnings of the middle class will be halved.

Neil Duncan-Jordan, spokesman for the National Pensioners Convention, told the Daily Mail: "Millions of existing women pensioners will be left without any improvement in their state pension despite the fact they may have nearly 30 years of contributions."

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