‘Should never have happened’ Outrage as thousands underpaid state pension due to DWP error

“Civil service heads should roll for this latest mess.”

According to pension experts, while mistakes are often “inevitable”, the Government needs to act now in order to prevent similar state pension underpayment issues arising in the future.

Andrew Megson, the Executive Chairman of My Pension Expert, outlined the situation the DWP and wider Government has placed itself in.

Mr Megson said: “The Government has allowed a combination of complicated pension legislation, tax, government processes, underinvestment and legacy processes to fester for decades. And under these circumstances, major mistakes are inevitable.

“This has to be a wake up call for the Government, as well as the entire pension sector. Both parties have been complicit in allowing layer upon layer of regulation to isolate consumers from their pension, which we all know has led to a widening pension engagement gap.

“Recent research from My Pension Expert found that 46 percent of UK pension holders had not checked on their retirement finances within the previous 12 months.

“As such, pensioners are ill-equipped to understand the complex systems and, more importantly, where mistakes have been made, and we see major mistakes going unnoticed before it’s too late.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More