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Stuart Trow

Are You Missing Out on the UK's Pension Deal?

A complex and confusing system is preventing many people from taking advantage of a generous offer. Some aren’t even aware they are missing out.

Simply too much admin.

Simply too much admin.

Photographer: Express/Hulton Archive

In 2016, the UK introduced a new, simpler and enhanced state pension. Today, this new pension formula pays up to £185.15 ($226) a week, higher than the maximum rate for those who retired under the old scheme of £141.85.

However, in pensions, as in economics, there is no such thing as a free lunch and, as you might expect, there’s a catch. Worse still, the much vaunted simplicity is more aspirational than actual, so most people these days are not retiring with full state pensions.