Pensions - Articles - Analysis on the impact of the new State Pension


The majority of millenials will see a notional loss from the new State Pensions" says the Pensions Policy Institute. The PPI has undertaken analysis of the Department for Work and Pensions’ (DWP) impact assessment of the new State Pension (nSP), to estimate the number of people of different ages who may be notionally better or worse off under the nSP.

 This analysis highlights that:
     
  1.   Approximately three quarters of people in their twenties are set to lose a notional average of £19,000 over the course of their retirement (6.3m of 8.4m expected pensioners). The 2.1m who will make a notional gain are expected to gain £10,000 on average;
  2.  
  3.   Approximately two thirds of people in their thirties are set to lose a notional average of £17,000 over the course of their retirement (5.1m of 7.7m expected pensioners). The 2.7m who will make a notional gain are expected to gain £10,000 on average.
 Chris Curry, PPI Director, said “As well as simplifying the State Pension system, the new State Pension also significantly reduces the cost of state pensions in the future.”
  
 “While the majority of millennials will see a notional loss of state pension income as a result of the introduction of the new State Pension they will benefit from greater clarity about what that income will be.”

Back to Index


Similar News to this Story

94 percent view State Pension as an entitlement not benefit
Majority of adults aged 66+ say that Triple Lock is affordable and fair to older generations. Around one in seven rely on the State Pension to provide
Fair play off the pitch
Male players in the English Premier League earn an average of more than £3 million per year, while their female counterparts average around £47,000. T
Why Bitcoin matters to Pension Schemes
Back in November 2024, Cartwright Pension Trusts announced its role in facilitating the first-ever UK DB pension trust investment in Bitcoin. With the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.