Call for choice on when we get a pension

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People want more choice over when they receive their state pension – even if this means they end up being thousands of pounds worse off over the course of their retirement, a report has found.

PwC, which made the findings, argues that the notion of having a “one size fits all” state pension age should be ditched in favour of having a “state pension window” which would allow people to choose when they receive their state pension between a range of ages, and receive an adjusted amount for the life of their pension based on their chosen start date.

It says this idea would fit well with the recent wave of reforms announced by the Government which will give people more flexibility over their retirement.

Research conducted for the report among 2,000 people from across the UK found that one in four people would opt to retire earlier than a fixed state pension age, even if this meant receiving a reduced amount for the full life of their pension.

Nearly half (47 per cent) of the people who want to receive their state pension earlier would be prepared to take a cut of more than £450 a year for the life of their state pension in exchange for being able to take it one year early, based on a single state pension value of £144 per week.