State pension

You’re probably aware of the State Pension. But let’s face it, a lot of us are in the dark about what it really means for us and our wallets. Some key questions you might be asking are: who’s eligible, how much am I entitled to, and when can I get my hands on it?

So, read on to find out!

Claiming your State Pension

When you reach State Pension age, you’ll be able to begin claiming your State Pension. Shortly before you reach your eligible birthday, HMRC will send you a letter providing you with a unique reference number and details of when and how to submit your claim.

How much State Pension could you receive?

The amount you’ll receive depends on how much National Insurance you’ve paid over the years. To get a State Pension, you’ll usually need at least ten qualifying years on your National Insurance record. If you have a 35-year National Insurance record, you may qualify for the full new State Pension. 

If you’re interested in finding out more about your pension prospects now, the government website offers a handy forecasting tool which can show you your pension forecast. You’ll need a Government Gateway account to access this feature.

Delaying your State Pension

At State Pension age, you have the option to hold off on taking payments. There are many reasons why you might decide to do this, but one potential benefit is to gain a greater income in the future. To do this, you’ll need to delay your payment start date for at least nine weeks, but your eligibility and the effects of delaying will depend on your unique circumstances. You can find out what delaying would mean for you here.

Want to chat?

Our advisers can help you discover how your State Pension fits into your overall retirement strategy and advise how your personal pension could complement it, helping you make the most of your retirement.