WILL the new state retirement pension be the cure all as was promised? Well it seems everything has small print — not a criticism, just a fact.

A freedom of information request submitted by investment firm Hargreaves Lansdown reveals that 45% of those retiring between 2016 and 2020 will get the full amount. New figures suggest that two million people will not get the full amount.

The new state pension, aimed at simplifying the system, will see a single payment of about £150 per week made to new pensioners from April 2016. This only applies to new retirees from April 2016, rather than the 11 million people who already receive the state pension.

Some with a private or workplace pension provision are contracted out of some of the state second pension, which is being integrated into the new flat-rate state pension. This means they will receive a lower amount. Others have a gap in their National Insurance contributions.

After April 2017, people will also have to work longer, making 35 years’ worth of National Insurance (NI) contributions, rather than the current 30, to qualify for the full pension.

Anyone can get a pension forecast so they will know for sure(ish) what they will get and so avoid a nasty shock.

As the new system is cost neutral there will be winners and losersIt is also noteworthy that it will be based on individual contributions, so spouses will not inherit the pension and it seems it will not be index linked in the same way as the current arrangements.

Anyone wanting more information could contact Age UK, or the CAB or the DWP, which has a state pension calculator that gives a simplified calculation of entitlement.

Lee Dalton

Rylands Nook,

Fairview Road

Weymouth