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.  
  2.   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

TPR publish first AFS under the new DB funding code
TPR’s first AFS published under the new DB funding code sets expectations for focus on endgame planning. The Pensions Regulator (TPR) expects most sch
Comments on The Pensions Regulators annual funding statement
Initial Comments on The Pensions Regulators Annual Funding statement from Standard Life, PMI, ACA, Broadstone and XPS Group
Further responses to TPRs AFS publication
Hymans Robertson, Barnett Waddingham and The Society Pension professionals of comment on The Pension Regulator’s 2025 annual funding statement publish

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.