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Are you confused about the new State pension?

Many people know that the State pension will be changing in the not too distant future. It's only natural to assume that it will change for the worse rather than the better, but is this the case.

Will the over 50s be the losers or winners from the changes that are being made. Well, it seems that people aged over 50, 55 and 60 are as much at sea about it all as younger workers.

It seems like people approaching retirement are confused about the potential benefits of the single-tier state pension set come into effect next April.

A survey of 10,010 over-50s found they were equally divided on whether or not they would be better or worse off under the flat rate system, which will be uprated by the higher of earnings growth, inflation or 2.5%.

Only 16% of people thought they would be eligible for the new provision, which will be at least £151 per week based on a full 35 years of National Insurance (NI) contributions.

Despite this, just 7% of over-50s were confident they knew how to make extra NI top up payments to boost their state pension.

In her maiden speech to the House of Lords last week, pensions minister Ros Altmann announced there would be an independent review of the state pension age by 2017. 

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