Your state pension is based on your national insurance contributions. So, if you have been “contracted out” by your employer, you may receive slightly less. However, you should have more in your private pension.
Your state pension is based on your own National Insurance (NI) contributions made during your working life. The amount everyone gets can be different. The full rate of the New State Pension is currently £221.20 (2024-25) a week which is £11.502 a year. The best way to find out how much you will receive is to use the Check your State Pension service to get a personalised forecast.
The only reasons the amount can be higher are if:
You are still entitled to a State Pension if you have other forms of income such as a personal pension or a workplace pension.
Remember your State Pension is taxable.
The UK government has set up a pension tracing service to help people that have lost track of their pensions. The Pension Tracing Service was launched to help you find those small pension funds that you have lost track of.
With just a few details you could instantly find out the contact details of previous employers scheme. You will need the name of an employer or a pension provider to use the service. The service won’t tell you whether you have a pension, or what its value is though. You will need to contact the pension company directly for that.
It is estimated that four in ten current pensioners could be missing out on Pension Credits. Pension Credit is an income-related benefit made up of 2 parts – Guarantee Credit and Savings Credit.
Also, you pay no tax on Pension Credit.
If you were born on or before 25 September 1957 you could get between £250 and £600 to help you pay your heating bills. This is known as a ‘Winter Fuel Payment’.
You usually get a Winter Fuel Payment automatically if you are eligible and you get the State Pension or another social security benefit.
If you are coming up to retirement or have recently retired, then why not arrange a meeting with us. A financial planning review with one of our advisers will help you plan for a secure retirement. The initial “getting to know you” meeting is at our expense and is without obligation.
We are a firm of Independent Financial Advisers (IFA). Being independent means that the retirement advice we provide is unbiased. Meetings can be arranged at a time and location that is convenient for you. This can be at your home, online or face to face. We make use of meeting rooms located in-
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