The State Pension is made available to individuals who have put forward a set number of National Insurance contributions throughout their lifetime. Many people will have worked for decades to ensure their state pension reaches the full sum as outlined by the Department for Work and Pensions (DWP). At present, the most someone can receive through the basic state pension is £137.60 per week.
This is set to be a major cause for concern for individuals who are approaching later years of life.
Anna Dixon, Chief Executive of the Centre for Ageing Better, commented on the matter.
She said: “The low level of the state pension in the UK, at just 24 percent of the national average income means people are unable to rely on the state pension to provide an adequate income in retirement.
“Many people don’t have enough pension savings to support a decent standard of living in retirement.
Back in 2018, it was asserted through data compiled by the Organisation for Economic Co-operation and Development that the UK state pension was the poorest in the developed world.
At that time, as a…