What can I expect from the State Pension?

What is the State Pension?< Back to summary

The State Pension is a regular payment you can claim from the government when you reach State Pension age. Your age, gender and National Insurance record will affect the amount you’ll get and when you’ll be eligible to start receiving it.

How do I get it?< Back to summary

You need to claim your pension when you reach State Pension age. You can find out how to do this by visiting the government’s website. There’s also a simple calculator to show you when you’ll qualify for State Pension

If you wish, you can defer your pension until a later date. By doing this, you could get extra State Pension when you do decide to claim.

Isn't it changing< Back to summary

The government is changing the way that State Pension works. The changes come into effect on 6 April 2016.

How much could I receive?< Back to summary

The amount you’ll receive depends on how much National Insurance you’ve paid.

  • If you reach state pension age before 6 April 2016 and you’re eligible, you’ll get the basic State Pension – a maximum of £115.95 per week. If you’re eligible, you can also get the Additional State Pension.
  • If you reach the State Pension age on 6 April 2016 or later and you’re eligible, you’ll get the new State Pension. The final amount is to be confirmed in autumn 2015, and will be no less than £151.25 a week. The amount you will receive will depend on your National Insurance record, for more detail see the government website.
  • You might also be able to claim pension credit. This is an income-related benefit which could top up the amount you receive each week. There’s more information about this on the UK government Pension Credit page.

Where to find more information

You can find out more about the State Pension – and how it will change in April 2016 – by visiting the UK government page about State Pension.

Will I have enough to live on?< Back to summary

The new State Pension minimum level of £151.25 a week amounts to:

£7,865.00 a year.

You probably need to ask yourself if you could get by on this amount if you don't have a pension of your own, or any other ways to boost your income.

Don’t forget that you may have to pay tax on your State Pension. You can find out more by visiting the UK government page Tax when you get a pension

Please remember that your tax treatment will depend on your individual circumstances and may be subject to change in the future.

What if the State Pension isn’t enough?< Back to summary

If reading about the State Pension is making you think about your retirement income in general, we can help you with your planning.

My Retirement Planner

You can use this online tool to check how varying the amount you put into a private pension plan might affect your retirement income. It’s easy to use and only takes a couple of minutes.

The Planner is only intended to help give you a rough indication of how things are going, and whether your plans are on course.

Budget calculator

Helps you to get an idea of your monthly outgoings and start thinking about how much you can put aside each month.

You also may be able to claim other benefits when you retire such as reduced council tax or a bus pass.

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