Nearly three quarters of Brits from an ethnic minority background (74 per cent) are unaware of changes to the State Pension that could benefit them financially, according to a YouGov poll*.
As the number of contributing years of National Insurance people need to build up a full basic State Pension is reducing in April, statistics show 29,000 British Bangladeshis, 91,000 British Pakistanis and 219,000 British Indians over 55 could now benefit when they retire**.
Findings show nearly a third (31 per cent) of Brits from an ethnic minority background have taken time out of the workforce and more than one in 10 (16 per cent) rely on a partner financially – both of which may mean they need to do something now to boost their State Pension provision.
Angela Eagle, Minister for Pensions and the Ageing Society, said:
“In the past, women who chose to stay home and care for family and children have missed out on pension cash in retirement. From April 2010 this will change and the system will be fairer for women and carers so that 9 out of 10 women will be able to build up a full basic pension in their own right.
“We’re living longer lives so it’s more important than ever to plan for the future. I would encourage everyone to start thinking about their retirement options so they can make the right choices for them.”
Today all those who fall into these groups are being urged to visit www.direct.gov/betterfuture for more information on the State Pension changes and advice on planning for the future.
Pensions expert, Jasmine Birtles said: “There are groups of people who will need to know how they are immediately affected by the changes to the State Pension such as women and carers from ethnic minorities so that they can fully understand how the changes impact them and whether or not they need to take action now.
“It’s really important that everyone checks out what their State Pension entitlement is likely to be now, so that they can make sure they have enough cash to have a more comfortable retirement."
Reforms also mean new credits for parents and carers will be introduced from April to ensure that people who take time off work to care are able to build up qualifying years towards the basic and State Second Pensions.
For more information about your State Pension options visit www.direct.gov.uk/betterfuture or call 0800 678 1132.