Key facts about State Pension payments everyone nearing retirement age should know
New research from Standard Life suggests one in seven retirees received less money from their State Pension than they were expecting, indicating a possible need for more accessible information on how the contributory benefit is calculated - in advance of reaching retirement age.
Pre-retirees in the dark Those who are not yet retired are similarly in the dark, with almost three in 10 stating they don’t know what their State Pension age is, and 44 er cent unaware of the amount they’ll receive from the State Pension when they retire. “With the State Pension making an important contribution to most peoples’ money in retirement, knowing how much you’ll receive is crucial when planning for the future.”
What’s the current State Pension amount? The current Basic State Pension amount is £141.85 a week for the 2022/2023 tax year. It’s worth keeping in mind that the amount you’ll get depends on your National Insurance record and how many qualifying years you have. You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension.
How do I claim my State Pension? You will not get your new State Pension automatically - you have to claim it. You should get a letter no later than two months before you reach State Pension age, outlining what you need to do. The State Pension alone will only cover a very basic lifestyle and, because it only starts in your late 60s, won’t help to support you if you want to retire earlier.
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