DWP still owes pensioners over £1bn due to system errors and remains 'way behind schedule' 👉 Hundreds of thousands of older people are likely to find themselves being paid incorrectly for years to come
. The triple lock guarantees that state pensions increase by September’s inflation figure, wages or 2.5 per cent, whichever is higher.
A DWP spokesperson said: “The action we are taking now will correct historical underpayments made by successive governments. We are fully committed to addressing these errors, not identified under previous governments, as quickly as possible. Some 6 per cent said they would have to delay retirement because their pension value had dropped while 5 per cent boosted their contributions to make up for a dip in fund value, according to a survey carried out by Opinium for Hargreaves Lansdown.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “The cost of living crisis has several potential impacts on people’s retirement planning and some tough decisions need to be made.
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