A retirement expert has warned that the State Pension underpayment corrections exercise is making progress, but warns it is “slow” with “a very long way to go”.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said that new data from the Department for Work and Pensions (DWP) shows that arrears payments have been made to nearly 100,000 women due to historical errors.
Progress of the State Pension Underpayments Legal Entitlements and Administrative Practice (LEAP) exercise indicates that between January 11, 2021 and February 29, 2024, some 705,688 cases were reviewed resulting in the identification of 97,016 underpayments, owing a total of £571.6m.
It is estimated as many as 237,000 State Pensioners have been underpaid around £1.46 billion. Affected groups include women retiring under the old State Pension system (Basic).
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