£26.6bn sitting in 3m lost pension pots - how to check if any of the money is yours

Chancellor Jeremy Hunt confirmed during his Autumn Statement that the UK Government’s review of the State Pension age will be published in early 2023 and is scheduled to be released in May. At the start of this year, the Department for Work and Pensions (DWP) launched a second review of the State Pension age, which is now 66 for men and women across the UK.

Basic and New State Pension payments will increase next year by 10.1% after weeks of uncertainty for nearly 12.5 million older people across the UK. The Department for Work and Pensions (DWP) had declined to commit to whether the Triple Lock rule would return for the 2023/24 financial year after a temporary pause due to the economic fallout from the coronavirus pandemic.

State Pension payments are set to increase by 10.1% from next April for merely 12.5 million people across the UK, including 992,052 living in Scotland. However, despite a record-breaking rise in payments of the contributory benefit, over 1.8 million pensioners are receiving less than £100 per week in State Pension payments.

An estimated 19.2 million families and 39.8 million individuals across the UK currently in receipt of State Pension or benefits from the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) will see their payments go up by 10.1% next year.

Chancellor Jeremy Hunt has announced that State Pension, Pension Credit and benefits will be uprated in line with inflation next year. Delivering his Autumn Statement to the House of Commons on Thursday, Mr Hunt confirmed an increase of 10.1% from next April at a cost of £11 billion for the UK Government.

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The latest figures from the Office for National Statistics (ONS) show that Consumer Prices Index (CPI) inflation reached 10.1% in September. This matches the 40-year high inflation hit in July and remains well above the UK Government’s target of 2%.

A pensions expert is warning 12.5 million older people across the UK to prepare for a financial blow next week when Chancellor Jeremy Hunt delivers the Autumn Statement. Ray Black, managing director of chartered financial planning firm, Money Minder, suggests there may be “continued restrictions on State Pension uprating”, higher taxes and more controversially, an increase to National Insurance contributions from April announced on November 17.

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The latest figures from the Department for Work and Pensions (DWP) show that in February 2022, nearly 12.5 millions people across the UK were receiving State Pension payments, including 1.1 million living abroad and 992,052 in Scotland.

The most recent report by the public spending watchdog on the Department for Work and Pensions (DWP) accounts has revealed that around 237,000 people over State Pension age have been underpaid a total of £1.46 billion. The underpayments average around £8,900 per person.

State Pension currently provides essential financial support for nearly 12.5 million older people across the UK, including some 981,399 living in Scotland. This regular payment is available for those who have reached the UK Government’s eligible retirement age, which is now 66 for both men and women, and have paid at least 10 years of National Insurance contributions.

The Department for Work and Pensions (DWP) has been reluctant to confirm whether State Pension and benefits will be uprated in line with the current inflation rate of 10.1% next April. New DWP boss, Mel Stride, told the House of Commons earlier this week that a decision will not be announced until the Autumn Statement on November 17 at the earliest.

The Department for Work and Pensions (DWP) has declined a request from Labour MP, John McDonnell, to meet with a delegation of Women Against State Pension Inequality (WASPI) campaigners to “talk about their plight and find a way forward” amid an ongoing investigation being conducted by the Parliamentary and Health Service Ombudsman (PHSO) into the way the DWP communicated changes to retirement age.

The latest figures from Social Security Scotland show that at the end of February, 2022 there were 124,081 people living in Scotland receiving additional financial support through Attendance Allowance. Across the UK, there are now more than 1.5 million people over State Pension age getting either £61.85 or £92.40 each week through the benefit.