state pension

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.

Women’s state pension age now matches men’s

For the first time since the 1940s, the state pension age is now the same for both men and women, as of 6 November.

The state pension age is the earliest age at which someone can claim the state pension. The age has stood at 65 years old for men, with, historically, women allowed to claim earlier.

Early-retired urged to review state pension top-up options

Hundreds of thousands of people who have stopped work before state pension age are being encouraged to review their national insurance contribution (NIC) record for 2017/18. The call comes from mutual insurer Royal London, which says people should check whether they can now top up their state pension at heavily subsidised rates.