Basic State Pension Rates
How much is the Basic State Pension?
£107.45 per week
For a single person or married man, woman or civil partner who qualify with their own National Insurance contributions
£64.40 per week
For a married man, woman or civil partner using his wife’s, her husband’s or their civil partner’s National Insurance contributions record
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, you need to have enough qualifying years of National Insurance Contributions.
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.
