More than half (56 per cent) of people who reached state pension age since April 2016 do not receive the full amount of the new state pension, according to analysis from Just Group.

The financial services provider found that just 44 per cent of those who had reached retirement age since the new state pension’s introduction, around 574,000 people, were receiving the full rate.

Just under half (47 per cent) of the group received between 75 and 100 per cent of the full amount, while the remaining 9 per cent, a group of around 109,000 people, received less than 75 per cent of the full amount.

Around two thirds (65 per cent) of people who retired on the basic state pension before the rule change are in receipt of the full amount.

Just Group group communications director, Stephen Lowe, said: “Many older households are heavily reliant on the state pension and benefits. Together they make up around £4 in every £5 of income for the poorest pensioner households and around half of income for the average pensioner household.”

He noted that pensioners with incomes below a certain threshold, £173.25 for single people and £265.20 for couples, can apply for benefits to top up their income.

Lowe pointed out that government figures demonstrate that around 1.2 million pensioner households are missing out on pension credit, losing around £2,000 a year each.

The take up rates for this benefit are just 55 per cent among couples, while the benefit it claimed by 62 per cent of eligible single women and 67 per cent of single men.

Lowe noted that those aged over 75 were “less likely to claim than younger people” and said that, while applying for benefits could add thousands of pounds to annual household income, it was largely left “up to people to find out for themselves”.

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