State pension system 'should be simplified for over 50s'

Aviva has called for the state pension system to be made easier for over 50s to understand.

The government has been called upon to make the state pension system simpler for over 50s to understand and claim from.

Insurer Aviva has stated that despite the fact that 63 per cent of people see the system as one of their main sources of retirement income, more than two-thirds are not currently aware of its actual value.

In addition, it raised concern that the 2003 introduction of pension credit has failed to attract sufficient awareness, with a third of those eligible to claim failing to do so.

The firm therefore suggested the introduction of a 130 basic state pension in order to simplify the process for over 50s and ensure it remains financially viable for the government.

Paul Goodwin, head of pensions at Aviva, said that in doing so, the proposals will also "encourage people to save during their working life for the time when they are retired".

Earlier this week, charity Age Concern and Help the Aged expressed worry that Conservative suggestions to increase the state pension age will throw the retirement plans of over 50s into uncertainty.

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