The state pension is the biggest single part of the social security system in the UK, however, new research indicates a lack of understanding of the benefit amongst Britons.

Phoenix Group’s Patrick Thomson, head of research and policy at Phoenix Insights, said: “The state pension matters to all of us, it is an important intergeneration social contract helping to reduce poverty among retirees, paid for from contributions of the working-age population.

“It is the biggest single part of the…