UK - Nearly half of the 4.9 million people eligible for the government's pension credit are missing out, new figures reveal.
An independent study by Continental Research shows that the means-tested benefit is being paid to 2.53 million individuals and the rate of new pensioners signing up for the credit has slowed.
But 90% of people who had applied were happy with the application process and service they received from staff.
Liberal Democrat work and pensions spokesman Steve Webb said the slow take-up to the “eye-wateringly complex” pension credit was “extremely worrying”.
He added: “As every month goes by, pensioners are missing out on money they are entitled to. The only guaranteed way to get extra money to the poorest pensioners is by boosting the inadequate state pension.”
Pensions minister Malcolm Wicks said: “The pension credit has a huge role to play in helping the country’s poorer pensioners and there are now over 1.7 million people gaining more money as a result of their successful application.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.