The National Audit Office has produced a report which identifies the impact of state pension reforms on people with guaranteed minimum pensions.
The report finds that the impact of these reforms on people with Guaranteed Minimum Pensions will “vary widely”, but the group most negatively affected by the new state pension will be those who have spent long periods in a contracted-out pension scheme and are close to retirement on 6 April 2016, and so have “little time” to build up additional entitlement to new state pension.
The report also includes modelling from Department for Work and Pensions, which estimates that 50,000 people will be worse off in 2017-18 as a result of the introduction of new state pension. Use the link below to view the full report:
NAO report ‘The impact of state pension reforms on people with Guaranteed Minimum Pension’ Mar 2016