‘A significant problem’But pensions minister Guy Opperman has admitted the problem is more widespread. He said: “There is a significant problem here,” in a letter to former pensions minister Sir Steve Webb. Omission or errors “will be rectified” before people retire, he added. “I have asked officials to explore options to further enhance the accuracy of the information held with National Insurance records and how we use that information to calculate a person’s state pension forecast.” Webb wrote to Opperman asking him to identify if there was a systematic problem with state pension forecasts. The Department for Work and Pensions is pushing for savers to use online tools to make retirement decisions. Schemes such as the pensions dashboard, which will come in over the next few years, will rely on the data. Read more: Industry veteran Chris Curry to lead pensions dashboard delivery group “It is therefore very worrying that hundreds of thousands of people may have received incorrect state pension forecasts and in some cases will have taken decisions about their retirement plans on the basis of incorrect information.”
He urged the government to put an “urgent stop” to the problem. Webb is director of policy at Royal London.