If you’re a pensioner, you need to take action now to ensure you keep receiving your payments.
The government has announced that from April 2019, the way pensioners’ benefits are calculated will change. This means that if you don’t do anything, your pension could be stopped.
The new system is called the ‘Pension Protection Fund’ and it will affect anyone who is currently receiving a pension from the government.
Under the new system, pensioners will need to have a certain amount of money in their pension pot in order to keep receiving payments. This amount will be based on your age and the number of years you have been receiving a pension.
If you don’t have enough money in your pension pot, you will need to make up the difference from your own savings or by working.
The government has said that this change is necessary to ensure that pensioners can still receive their payments even if they live longer than expected.
If you’re a pensioner, you need to take action now to make sure you can keep receiving your pension payments. Speak to your financial advisor or the government’s Pension Protection Fund helpline for more information.