View more on these topics

A quarter of pensioners losing out on state benefits

A quarter of pensioners are unaware of state benefit entitlements that could bolster their retirement income, according to research from Just Retirement.

The firm found that retirees are missing out on an average £232 each year – the equivalent of almost one month’s state pension – by not being aware of their benefit entitlement.

Of Just Retirement Solutions’ 1589 customers, 24 per cent were eligible to claim state benefits but had not done so and a further 3 per cent were not claiming enough.

Head of research Nigel Barlow says: “The lack of awareness surrounding state benefits is a real concern mainly due to the fact that information is not always readily available or easy to follow.

“Pensioners can considerably bolster their income by getting to grips with their entitlements. This would not only provide a welcome relief to those less well off but ensure that pensioners receive what is rightfully due to them.”

Safe Home Income Plans director general Andrea Rozario says: “It is disturbing that state benefit entitlement is so poorly understood but, as far as equity release is concerned, this highlights the importance of obtaining thorough advice from a properly qualified source.

“The advice service should include a review of the state benefits for customers, to ensure they make the most of what they have. This is why all SHIP members will only deal with advisers who are specifically qualified in equity release and have taken their clients through a fully advised process.”

But Key Retirement Solutions group director Dean Mirfin says: “Under FSA requirements, equity release advisers are only obliged to tell the customer that their state benefits could be affected and recommend that they seek further advice before proceeding, so not all advisers will themselves conduct a thorough analysis of how they might be affected.

“It is important that the client sees an adviser who can fully assess eligibility for benefits and what any impact will be.”


Every Which? way to lose

Among the many things I have in common with IFAs is a love of the consumer group Which?

 Article 50 Q&A: The negotiations to watch for 

Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information  Investment risks  Neptune funds may have a high historic volatility rating and past performance is not a […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. What are the entitlements for a State Pensioner living on the basic pension

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm