Personal Pensions

Your State Pension Entitlement

The basic State Pension is paid to everyone who has fulfilled the National Insurance contribution requirements.

How much is it worth?

The basic State Pension full weekly rates for the current tax year (2009/2010) are:

Single person: 95.25

Married couple: 152.30

The amounts of all benefits are reviewed each year with most benefits uprated in April.

If you are, or have been, an employee you may also qualify for a combination of the State Earnings Related Pension Scheme (SERPS) and the State Second Pension (S2P). This isn’t available to those who have been self-employed for all their working life.

To get a personalised State Pension forecast click here.

To see how you can Build up your own Pension Fund click here.

Will I get the full basic state pension?

Not necessarily. It depends on your National Insurance (NI) contributions, how long you have worked for, and the number of "qualifying years" you have built up.

A woman with a working life of 44 years will need 39 qualifying years for a full pension and a man with a working life of 49 years will need 44 qualifying years.

The government plans to reduce the number of qualifying years it takes to earn a full basic state pension to 30.

What happens if I have not made enough contributions?

If you have not paid sufficient contributions you may get a partial pension or you may not receive a pension at all.

Further detailed information on the State Pension including a fact sheet which can help you work out your entitlement can be found by clicking here.

What is the State Pension Age?

The basic State Pension age is currently 65 for men and 60 for women.

As from 6th April 2020, the state pension age for both men and women will be 65. This change will be phased in over a 10-year period from 2010 to 2020.

The State Pension age for both men and women is to increase from 65 to 68 between 2024 and 2046.

To find out your State Pension age click here.

Want to Retire Earlier?

You can take an income from a Personal Pension from age 50 (for both men and women). This minimum age is going up to age 55 by 2010.

If you want more information on Building up a Pension Fund click here.


Jewell Pearce Davy & Co is authorised and regulated by the Financial Conduct Authority, registration No 118803
© Copyright Jewell Pearce Davy and Co., Leigh-on-Sea, Essex Web Design in Essex Web Design - Assent Media.