Six in every hundred state pensioners are being underpaid.

The SPP says it is possible that some DC savers may see a reduction in retirement income of up to 20%.

Legislation shortly to be presented to Parliament will place a legal duty on pension providers to offer a ‘default’ post-retirement journey.

The total size of underpaid pensions has now passed the £900m mark.

The move is set to boost retirement savings for the average worker by around £1,000 and save businesses £225 million a year in unnecessary admin costs.

Women have received fake emails claiming that compensation for women affected by changes to their State Pension age was available.

Standards for pension providers and schemes have also been approved by the Secretary of State for Work and Pensions.

Those who cannot get through ahead of the deadline can use an online call back request form. 

The government announced that there will be no financial compensation for WASPI women, despite a report recommending compensation of up to £2,950 for each woman affected.

The government has decided against introducing a financial compensation scheme for those affected by the delayed state pension age letters.