When will I get my State Pension?

on Oct 09 in Near retirement, Reality Check, State pension tagged by Claire Brinn

The state retirment age has received  a lot of attention in the latest round of party political conferences and we can expect this to be one of the hot topics in the run up to next year’s general election.  So if you are confused about the state pension this will get you started in sorting it out.

First, you can find out what age you are currently due to qualify for the state pension  by going to the calculator on the pensions service website www.pensionservice.gov.uk/state-pension/age-calculator.asp .  For most of us the news is that the state pension age is likely to continue to rise as the government (whoever it is) attempts to come to terms with increasing longevity and its impact on the public purse.   This just reinforces the need for you to get on top of your retirement planning and maximise the funds likely to be available to you. The message is very clear, the only person you can rely on to sort out your retirement is you – politicians of all hues are waking up to the huge gap in retirement provision but there is no easy solution and you need to make your own provisions.  The book has some useful ways in which you can do that.

If you want to see if you are on track to receive the full state pension there is another calculator on the pensions service site which will get you a personalised  quote. You can then review your options if you need to top it up.  This is especially important for women since less than 1/3 retire on a full state pension.  The only good news is there is talk about restoring the link between pensions and earnings which would be helpful though remember even a full state pension is not going to be enough for a comfortable retirement.

The politicians are also beginning to look at the huge issue of public sector pensions. If you work in the public sector you may need to start paying more attention to your pension than in the past. While any changes will only impact on future benefits and will not remove any benefits already earned you may need to keep an eye on your savings plans because public sector pensions will need to be brought in line with private sector schemes in the coming years.

Claire Brinn

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