New evaluation has proven that round 150,000 pensioners have been on lower than £100 every week.
Royal London stated that 1,737,342 of three,407,567 individuals receiving the brand new pension obtained the total weekly quantity final yr.
It made the calculations utilizing Division for Work and Pensions (DWP) knowledge from spring 2023.
The complete state pension for 2024/25 is £221.20 every week, up from £203.85 final yr.
Typically, to get the pension individuals have to have 35 years of nationwide insurance coverage contributions (NICs). These with fewer “qualifying” years obtain a proportionately smaller state pension.
Royal London discovered that 149,317 pensioners who had reached state pension age from April 2016 have been receiving a state pension of lower than £100 every week – and 17,546 pensioners have been receiving lower than £20 every week.
It additionally stated that 5,677 individuals have been receiving lower than £10 every week.
The brand new state pension system was launched in 2016 to offer a sustainable, clear basis pension for individuals to construct their non-public financial savings on.
Many individuals can have different sources of earnings alongside the state pension, corresponding to office or non-public pensions.
Pensioners on low incomes could also be entitled to say pension credit score, which might high up their incomes and the Division for Work and Pensions (DWP) lately launched an consciousness drive to spice up take-up.
Whereas round 1.4 million pensioners are already receiving pension credit score, there are as much as an estimated 880,000 households eligible for the assist who’re but to say.
Round 10 million pensioners are set to lose out on winter gas funds as the brand new Authorities restricts the profit to solely these receiving pension credit score.
The transfer was introduced by the Authorities as a part of a package deal of measures designed to deal with a £22 billion “black gap”.
Sarah Pennells, client finance specialist at Royal London, stated: “We frequently speak concerning the full state pension quantity, however these figures present what number of pensioners are getting solely a fraction of that.
“One of many fundamental explanation why individuals miss out on the total state pension is as a result of they’ve gaps of their nationwide insurance coverage document, however they might not realise this till it’s too late to do something about it.
“You might have nationwide insurance coverage gaps as a result of, for instance, you have been working however had low earnings, have been unemployed however didn’t declare advantages, have been a excessive earner with younger youngsters who didn’t register for youngster profit, or since you have been working overseas.
“The excellent news is that, even if in case you have gaps in your nationwide insurance coverage document going again over a decade or extra, it might nonetheless be attainable to high up your nationwide insurance coverage contributions and enhance the quantity of state pension you’re entitled to.
“Beneath the brand new state pension system, you don’t get any state pension in any respect if in case you have fewer than 10 years’ nationwide insurance coverage, so it’s essential to verify your nationwide insurance coverage contribution document.”
A DWP spokesperson stated: “Making certain a greater deal for the pensioners of right now and tomorrow is a precedence for this Authorities.
“There are a number of explanation why some pensioners have a decrease state pension – together with contracting-out and paying much less nationwide insurance coverage contributions – which is why we encourage these on the bottom incomes to say for pension credit score, price on common £3,900 per yr.
“Via our dedication to guard the triple lock over 12 million pensioners will profit, with many anticipated to see their state pension enhance by round a thousand kilos over the subsequent 5 years.”
