The State Pension is the foundation for most people’s retirement income and is based on an individual’s National Insurance record.
The full amount of new State Pension is currently £168.60 per week1 – that’s just over £8,750 a year. The actual amount you get depends on your National Insurance record. The only reasons the amount can be higher are if:
- ● You have over a certain amount of Additional State Pension
- ● You defer (delay) taking your State Pension
You can still get a State Pension if you have other income like a personal pension or a workplace pension. Understanding what to expect from the State Pension will go a long way to helping you better understand the amount you need to set aside for yourself.
The State Pension calculator, is a useful tool to find out the amount you are predicted to get and the date you’ll reach State Pension age, under the current rules. Information well worth knowing.
1 As per 2019-2020 financial year