Women face the brunt of the more than 6 million not banking enough contributions over their working lives to qualify for the full state pension, a new study shows.
Here is fact: it takes a minimum of 30 years of contributions to get a full state pension, now. From April 2016 it is going to be 35 yrs.
The study’s findings is therefore even more important to highlight that the average person reckons they will have full-time employment for 37 years, yet unless things change, less than a third will clock up 28 years. The average woman falling short goes up to nearly 40%, while for men, the average is nearer 14%. Many women who fall short take, do so because naturally they take time off to raise a family.
Researchers spoke to more than 1,000 40 to 70 year olds to find out how many will be paid a full state pension.
As things stand now, the current pension rules credit state pension for qualifying years to the unemployed, to anyone receiving benefits for a child under 12 or who acts as a full time carer, providing those people claim for the allowances, which many people are still not doing.