State Pension

Of course it is never as simple as you think! The Basic State Pension is £115.95 for a single person and £185.45  for a married couple (2015/16). However, not everyone is entitled to a Basic State Pension – it is dependent upon the amount of National Insurance Contributions you have made over the years.

If you have been employed you may also be entitled to various top ups as a result of ‘Contracting Out’, such as the Graduated Pension (1975-1988), The State Earnings Related Pension Scheme (SERPS) (1988 -2002) and now State Second Pension (S2P) which has been with us from 2002. The easiest way to find out is to request a State Pension forecast.

There are also changes to the age from which you are allowed to take your Basic State Pension. From April 2010 the normal retirement age for women began to rise to 65 and the age for everyone will gradually rise to 68, a trend that will almost certainly continue as we all continue to live longer. If you want to find out what age you will be entitled to your Basic State Pension simply follow the link and input your date of birth.

To simplify things, for people retiring after 5th April 2016 a ‘flat rate’ pension will be payable of approximately £151 per week, although there will be reductions if you have been ‘Contracted Out’ during your working life.

Simple – if somewhat depressing!