Pension: New research finds one in three pensioners missing out on hundreds of dollars every week

New research has found that tens of thousands of retirees are missing out on the aged pension because they are confused about the rules.

Superannuation giant Cbus, which manages more than $110 billion of retirement savings for its 925,000 members, has found that nine in 10 members nearing retirement lack confidence in understanding their entitlements.

Research from MUFG also found that only 44 per cent of members applied for a pension as soon as they were eligible. 

Twenty-four per cent waited within a year, while 32 per cent waited more than a year before applying. 

"One in three Cbus members, together with their partners, could be missing out on up to $46,000 per year through late Age Pension applications," said Cbus Super Acting Chief Members Officer Bernie Dean.

"But low confid