Government admits it has got its state pension sums wrong
Approximately 360,000 people have been given incorrect forecasts of their state pension benefits, the government has confirmed.

Approximately 360,000 people have been given incorrect forecasts of their state pension benefits, the government has confirmed.
Some 3% of all online forecasts issued to savers since 2016 are incorrect, the Department for Work and Pensions (DWP) says, often overstating what people are entitled to by £1,000 a year.
The announcement follows warnings from pension specialists that the DWP's electronic records of many people's work histories are patchy.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In particular, they may miss out periods when people had opted out of the state earnings-related pension scheme in the 1980s and 1990s, during which time they weren't building up state pension entitlement at the normal rate.
The DWP now says an investigation into its forecasting shows that up to 3% of the online statements requested by people checking their state pensions have been affected by these omissions.
Its paper-based forecasts, issued to those who write in to formally request a benefits statement rather than using the automated online system, are thought to be much more accurate.
The upshot is that anyone who has received a forecast in the past three years should now double-check their position, particularly if they have opted out of the state system at any time in the past.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.
-
Are you one of 15 million people at risk of retirement poverty?
Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?
As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you