Basic State Pension Rates
How much is the Basic State Pension?
For a single person – £97.65 per week (£5,078 per year)
For a married couple - £156.15 per week (£8,120 per year)
Is this sufficient for you to have a comfortable retirement?
For many people this will be nowhere near the level of income they are used to. It is therefore vital that you have other provisions in place, to ensure you are not solely reliant on the State Pension. You can visit the government website to get a state pension forecast here.
Use our pension calculator to see how much you should be putting away, so you don’t have to rely on the State Pension for your retirement
What are the changes to State Pension age?
Currently, the State Pension age is 65 for men born before 6 April 1959. For women born on or before 5 April 1950, State Pension age is 60.
The State Pension age for women born on or after 6 April 1950 will increase gradually between 2010 and 2020.
From 6 April 2020 the State Pension age will be 65 for both men and women.
Changes from 2024
Between 2024 and 2046 the State Pension age will increase from 65, for both men and women.
What’s Your Pension Situation?
You don’t have a pension yet - when it comes to pensions, the first pound really is the most important! The earlier you start contributing, the better. Use our pension calculator to see the difference delaying your pension by a few years can make. Then, speak to our pension adviser who can advise you on what is right for you, within your budget.
Call 0800 678 5929 today
You already have a pension – are you are contributing enough? Is your pension invested in the best performing funds? Are you getting a good rate of return from your current pension? We review all our client’s pensions annually to check their performance.
Get a free pension review to check your pension’s performance
Our friendly pension advisers are always on hand to offer you advice and help with any questions you have. Call 0800 678 5929
Qualifying for the State Pension
Your state pension is funded by the National Insurance Contributions deducted from your salary during your working life.
To qualify for the basic state pension, both men and women now require 30 qualifying years of National Insurance Contributions.
For those who do not have the full number of qualifying years as outlined above, but have at least 25% of these requirements, a state pension is still available. They would be eligible for a lesser weekly payment of (in 2009/10) not less than £23.81. For those reaching pensionable age after April 2010, who do not have the full number of qualifying years as outlined above, they are entitled to one thirtieth of the full basic state pension, for each qualifying year they have.
Special conditions apply to those who missed out on some years of paying contributions due to looking after children, or to being a long-term carer. For them, Home Responsibilities Protection can reduce the number of years needed to qualify for the state pension.
You have the option of putting off taking your basic state pension when you reach state pension age. If you defer the state pension in this way, but take it up later, you would be eligible for either higher weekly state pension rates, or a once-off taxable lump sum.
The Additional State Pension
Separately from the basic state pension, you may also be eligible for the Additional State Pension. This will be calculated when you reach retirement age and claim your basic state pension. The Pension Service will send out the relevant forms four months before you are due to retire, so that you can make a claim.
Currently, statistics show that average life expectancy for a man is 86 years, so that a man retiring at 65 is, on average, facing into 21 years of retirement, living on state pension rates, unless he has savings, investments or an additional, private pension provision in place.
Furthermore, if you are not yet approaching retirement age, bear in mind that the government has stated that our increased longevity will be reflected in an increase of the minimum age for drawing the state pension from 65 to 68 at some time after 2024.
