State pensioners notice DWP payments are '£60 a week' less than expected

A pension warning has been issued - as more people know the offside rule than retirement age. 40 per cent know that 66 is the age you can access the state pension from the Department for Work and Pensions (DWP), while 38 per cent thought it was much earlier.

Three in five (59 per cent) can explain football’s ‘offside rule’. But only one in four accurately identified the value of the full state pension with some thinking it was £60 a week higher than the true figure people receive from the DWP.

Aviva warned: "Millions will watch the start of the UEFA Euros 2024 championship this weekend; but millions of the same people may be flying blind towards their retirement." Alistair McQueen, head of savings & retirement at Aviva, said: "Football is our national game. Millions love it.

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"And even those who don’t seem to have a pretty good understanding of its rules. Sadly, the same cannot be said about our retirement plans. Most of us are now actively saving for our retirement thanks to auto-enrolment.

"Many can hopefully look forward to a lot more cup finals in our retirement. By taking some simple steps today, it can help us take control of our retirement plans and allow us to keep cheering our teams with confidence, for years to come.”

Only one in five (18%) 25–34-year-olds say they are ‘very confident’ their retirement plans are on track – and this drops dramatically to just 7% of those aged 45-54 years old. A further 18 per cent thought the earliest age they can access their private pension was between 40 and 54 years old – not 55, which is the correct age.

Aviva says aim to begin saving for your retirement at least 40 years before your target retirement age and aim to save at least 12% of your earnings into your pension – and remember this 12% can often include contributions from your employer.