Surprised woman's face about State PensionBy Rachel Efetha, Chartered Financial Planner.

The New State Pension is £179.58 per week, so that is how much pension I should get, right? No, it is not that simple. The government estimates that only half the people reaching State Pension Age in the next year will receive this amount.

How do I get the full State Pension?

To qualify for a full New State Pension, you must have paid National Insurance Contributions for 35 years.  Some benefits will give you credits towards this.  For example, if you receive Child Benefit, Carers Allowance or some Disability Benefits.  So, if I have paid or had credits for 35 years then I will get £179.58?  The answer is still no, it is not that simple.

How come?

PFS logo for help with your State PensionYou might have built up additional entitlement in the ‘Graduated Retirement Benefit’ between 1961 -1975, or the ‘State Earnings Related Pension Scheme’ (SERPS) between 1978 – 2002, or the State Second Pension (S2P) between 2002 – 2016.  Or, you might have been “contracted out” of these schemes and received rebate payments into your occupational pension or a personal pension called ‘Protected Rights’.  This could either increase or decrease the amount of New State Pension that you receive.

Are you confused yet?

Don’t worry, you can apply for a State Pension forecast which will tell you exactly how much entitlement you’ve built up and how many more years you need to contribute to get your full entitlement (until the next time they tinker with the system) by using this link https://www.gov.uk/government/publications/application-for-a-state-pension-statement or logging on to your Government Gateway account if you’re registered for Self-Assessment.

If you are low on qualifying years then you can pay voluntary contributions to make up for lost years, but please take advice, as you may be better off putting your money into a Personal Pension, particularly if you have poor health and are unlikely to live long enough to get a return on your money.

How Anstee & Co can help you plan your retirement.

We are independent financial Advisers (IFA’s). This means that the financial advice we provide is unbiased. We look at all the options available to you from the “whole of market”. Our experience covers all aspects of financial planning including Pensions, Investments, Mortgages and Estate Planning.

call back logo for help with a State PensionWe have office located at-

  • Kettering, Northamptonshire
  • Stamford, Lincolnshire
  • Towcester, Northamptonshire
  • London, Central London.

Additionally, our Financial Advisers live at-

  • Bedford
  • Market Harborough
  • Wellingborough
  • Northampton

If you would like to find out how we can help you with your retirement, then why not contact us today? The initial, “getting to know you” meeting, is at our expense and is without obligation. Meetings can be arranged at a time and location that is convenient to you. So why not contact us today to see how we can help you. Every meeting is held in line with current government guidelines regarding COVID-19 (coronavirus). Also, we can arrange meetings by making use of video conferencing facilities such as-

  • Zoom
  • Microsoft Teams
  • Skype
  • Facetime

We can also arrange a telephone conference call. The choice is yours. There is no need to visit an office as all work can be handled remotely.

If you have any thoughts on this article, “How much State Pension will I get?”, then we would love to hear from you.

Financial Conduct AuthorityFinally, the information contained in this article is for information purposes only and does not constitute advice. Anstee & Co. is authorized and regulated by the Financial Conduct Authority (FCA).