state pension

Data that shows the state pension is less under threat than previously thought

Record levels of employment has put the state pension in a healthier position than previously thought – in the near term at least.

Fresh figures released by the Government Actuary’s Department (GAD) show income from national insurance is projected to exceed expenditure by £8.2 billion in 2020/21 and continue to exceed expenditure until 2024/25.

Why you should think twice about deferring the state pension

New research has called into question the merits of deferring the state pension if the triple lock is retained for the next 15 years.

Analysis by pensions firm NFU Mutual calculated that someone retiring today and forgoing the state pension for a year would not reap the rewards of doing so until they are 81.

Your essential guide to: the state pension and how the goalposts will shift in future

Like everything to do with pensions, the state pension is fiendishly complicated – and the goalposts keep moving.

In 2016, faced with escalating costs, the government decided to overhaul the system and introduce what it called a new ‘flat’ rate state pension. However, it is not in fact flat at all and depends on the national insurance (NI) record an individual builds up over their working life.

Steve Webb: state pension deferment could make financial sense

Every month, the employment figures seem to show a new record for the number of people working past the age of 65. At the turn of the century, there were fewer than half a million people in employment or self-employment aged 65 or over, but that number has now trebled to more than 1.2 million.

Bulk of post-retirement income comes from state pension 

Despite the efforts of the current and previous governments to promote the adoption of private pensions, the state pension still makes up the bulk of post-retirement income.

According to data released by Just Group, the state pension provides those 65 and over with nearly £6 out of £10 of income. That figure rises to £9 out of £10 for those in lower income groups. In total, nearly 75% of those 65 and over derive over half their income from the state pension.

Pension dashboard moves a step closer to reality

The first pension dashboard will be made available to consumers next year; but in a move that has received criticism, state pension data will not be made available from day one.

Proposals unveiled by the government today (3 December) confirm that pension dashboards will allow people to access their information from most pension schemes in one place online for the first time.  

Revealed: the amount you need to save to secure a comfortable retirement

UK savers need to put away seven times their annual household income to maintain their current lifestyle in retirement, according to a new study.

The research, carried out by Fidelity International, calculated that 13% will need to be tucked away from the amount earned each year to meet this milestone, from the age of 25 to 68.