State Pension may only be a proportion of your retirement income but it’s important for you to understand this provision. The State Pension needs to be taken into account for retirement planning; to do so, you’ll need to understand when it starts and the forecast value of this pension.
For you to know your State Pension provision you will need to obtain a State Pension forecast. You can do this either online or over the phone; if you have a partner you should get a forecast for each of you.
The State Pension has moved to a more straight-forward provision from April 2016 but any State Pension accrued prior to this will be on a variety of historic bases.
The full new State Pension is £155.65 per week.
Your National Insurance record is used to calculate your new State Pension; you’ll usually need a minimum of 10 qualifying years to get any new State Pension.
The amount you get can be higher or lower depending on your National Insurance record. It will only be higher if you have over a certain amount of Additional State Pension.
Links below give you the background information to the recent changes to State Pension and State Pension forecast.
To discuss your retirement options or funding pension shortfalls please contact us. Click here