PENSION NEWS

Everything you need to know about the State Pension

Kara Gammell | 24/05/2018

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In 2016, the State Pension underwent a huge change. The new flat-rate state pension was meant to be easier to understand and fair for all, though it's still far from simple – and few people know where they stand when it comes to their future retirement income.

State Pension basics

The State Pension is a weekly payment from the government that you receive when you reach state pension age. The maximum basic State Pension is a lot less than the amount most people would choose to retire on – for 2018-19 it’s £164.35 a week, or £8,546.20 a year.

Your State Pension age is the earliest age you can start receiving your payments. It is based on your gender and date of birth.

State Pension ages are due to become the same – 65 – for both men and women by the beginning of November this year. Women born between 6th April 1953 and 5th December 1953 will be the first group to get the State Pension at the same age as men.

The State Pension age is due to rise to 66 by October 2020, and to 67 by 2028. The next increase, to 68, will take place between 2037 and 2039.

You can check your State Pension age on the official Government website.

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