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 Home Pensions State Pensions
State PensionsContact The Pensions ServiceRetirement Pension Also called the old age pension or basic State Pension. The standard rate of retirement pension for a man or woman with a full National Insurance contribution record is currently (from April 2008) £90.70 a week. State Second Pension and SERPS SERPS started in 1978 and was converted to the State Second Pension in 2002. Contracting Out - An Alternative to the State Second Pension In some circumstances employees can leave the State Second Pension Scheme. This is called 'contracting out' Pension Credit A tax-free entitlement for people aged 60 or over. You don't need to have paid National Insurance to get Pension Credit. There is no upper savings limit. Pension Credit currently guarantees a minimum income of at least £124.05 a week for single person; or £189.35 a week for a couple from April 2008. The rates increase each year in line with rises in average earnings. Getting a State Pension Forecast You can get a forecast of what your Retirement Pension and State Second Pension will be. Deferring your state pension When you reach your state pension age you do not have to claim your state pension straight away, you can choose to defer claiming it. |
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