The updated impact assessment for the reforms allows for the recently-announced starting level of the new State Pension (£155.65pw) and updated economic and demographic assumptions. This is the final assessment of the impacts of the new State Pension that DWP will publish.

The DWP select committee this week heavily-criticised communications around the introduction of the New State Pension.  

However DWP’s press release announcing the impact assessment was titled: "Millions stand to gain from new State Pension” - despite showing that three quarters of people reaching State Pension Age in 2060 will be worse off.

Neil Walsh, Prospect’s pension officer, said: “The impact of the reforms taking effect from April is incredibly varied. Everyone needs help to understand how the changes will affect them.

"Given the select committee’s criticisms about how the changes have been communicated to people, it is incredibly disappointing to see these figures being spun so wildly. How will this help people plan for their retirement?”

Members can download Prospect's briefing note on the new State Pension by logging onto the Prospect website.