THE UK’s MoneySavingExpert has warned that 230,000 Brits could be owed thousands in state pension money due to a government IT error.
According to Martin Lewis, women who hit state pension age before April 2016 should urgently check if they are owed money due to a series of government IT errors.
The money guru reports that widows, divorcees and women who rely on their husband’s pension contributions for some of their pension entitlement are mainly affected.
The average payment Brits have received is £6,000 but it could be lower and in some cases even higher, one divorced woman won back a £60,000 lump sum in a huge boost.
Meanwhile, pensioners across the country are awaiting confirmation that the Triple Lock, which guarantees pensions rise with the highest of average earnings, inflation or 2.5%, will continue to apply, as government officials state it would be “unwise” to commit to the scheme prior to the November 17 fiscal statement.
The Bank of England could be set to raise interest rates next week, by 75 basis points to 3%.
This planned hike is meant to encourage people to save, rather than spend, which in theory should help bring rampant inflation under control.
Reports suggest interest rates could hit 5% in a matter of months.
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