IT Failure Leads to Pension Issues for Millions

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IT Failure Leads to Pension Issues for Millions

23% of pensions underpaid, and 17% overpaid…all because of a lack of IT investment.

It’s believed that the issue dates back to the 1990s but that the cause of the issue is too complicated and costly to address.

The heart of the issue lies with the outdated computer system which has been described as ‘not fit for purpose.’ The computer system dates back to the 1980s and has not been updated and improved sufficiently to handle the demand upon it.

Who’s Affected?

It’s believed that the computer programme failings mostly impact widows, divorcees, and women who rely upon their husband’s pension contributions.

The Government predicts that to rectifty the issue will cost in the region of £1.5 billion, and therefore will need to wait until a new computing system is introduced, as seen with the Universal Credit programme.

For more information visit the BBC article ‘Pensions: Millions receive wrong amount for ‘decades”.

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