Personal Pension  

Inquiry launched into new State Pension system

Ms Waites added: “The DWP has been a bit slow off the mark in bringing these issues to the public’s attention. It’s good to see Baroness Altmann going on a crusade recently, and we hope it will provide individuals with much needed support to help them understand what pension they will ultimately receive from the State.”

Earlier this month, the new pensions minister said that the State Pension was at the top of her to-do list, arguing that the changes will bring “much-needed clarity” to a system that few people truly understood.

“The government’s priorities are to carry through those important reforms to ensure they are a success,” Ms Altmann commented. “This means new State Pension being delivered as smoothly as possible and small and micro employers getting the help and support they need as they meet their automatic enrolment duties.”

Tom McPhail, head of retirement policy at Hargreaves Lansdown, added that while the reforms will ultimately lead to a simpler, more equal system, “what is incomprehensible is that until recently the DWP seems not to have made any meaningful plans to communicate these changes to the people who are actually affected by them”.

peter.walker@ft.com