2 Pension stocks to watch as unpaid pensions pile up - Kalkine Media

May 03, 2023 07:38 AM BST | By Manu Shankar
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Highlights

  • Britain's pensioners were left struggling after a clerical error resulted in a staggering £530 million unpaid from last year.
  • The Department for Work and Pensions announced that over 7 million Brits nationwide would receive a £301 payment.

Britain's pensioners were left struggling after a clerical error resulted in a staggering £530 million unpaid from last year. An analysis revealed that processing error mistakes by government officials meant just over 10% of all State Pension cases are underpaid cases which affect 1.3 million pensioners.

The government had claimed that pensions have also been affected due to the lower government bond yields, which left the aggregate funding ratio at 133.2 in March. In fact, all the pension fund indexes were down by 84.9% in the same month.

Realising the grave situation, the Department for Work and Pensions (DWP) announced that over 7 million households nationwide would receive a £301 cost-of-living payment by Wednesday. The DWP had previously announced that eligible families would receive their first set of payments between 25 April and 17 May.

The DWP majority of households would be eligible for £301 from the government. Amid this, let's explore some of the FTSE-listed pensions stocks.

Hargreaves Lansdown (LON: HL.)

Hargreaves Lansdown is one of Britain's largest wealth management companies that offers its pension and investment offerings to over one million customers. The Briston-based FTSE-100 constituent was up by 0.21% and was trading at GBX 783.80 at the time of writing. The stock price has given negative returns on a one-year and a YTD basis at -14.47% and -8.36%, with a market cap of £3,709.17 million.

PensionBee Group Plc (LON: PBEE)

PensionBee Group is a London-based firm offering simple pension solutions to millions nationwide. PensionBee was witnessing a slide of -1.24% at GBX 80.00. The PensionBee holds a market cap of £180.74 million with an EPS of -0.10. The PBEE stock has given its shareholders returns of 43.37% on a YTD basis.


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