We answer the top 10 questions asked about UK pensions.
No matter what stage of life you are in, it’s important to plan carefully for your retirement. If you worked in the UK and made National Insurance contributions, this post will help you learn more about your UK state pension and how you can take advantage of subsidies to potentially make it a more significant part of your retirement income pot.
Your State Pension is based on your National Insurance record. It takes into account the National Insurance you built up before the new State Pension was introduced in 2016, as well as contributions and credits since then. So not everyone will get the same amount. The full rate of the new State Pension is currently £179.60 a week – that’s just over £9,350 a year, but it’s important to check your State Pension online. It will tell you the amount you’re predicted to get, and the date you’ll reach State Pension age under the current rules, and if it is possible for you to increase it.
View your forecast here: https://www.gov.uk/check-state-pension
If you’re not on track for receiving the full amount after checking your forecast, then it’s worth considering topping up. The cost of doing this is effectively subsidized by the Government which means it can be very good value for money. The amount of State Pension you get is based on your record of National Insurance contributions (NICs). If you haven’t made enough contributions then you won’t get a full State Pension. But you may be able to pay voluntary contributions to boost the amount you get, even if you’ve already retired.
Although the State Pension might not be a big factor in your retirement income, it is still your money and certainly worth reviewing what that income will be and how to increase it if possible.
Past performance is not a guide to future returns. Investment in securities involves the risk of loss and the advice herein cannot be construed as a guarantee that future performance will be reflective of past returns.
To find out more about this topic and more, please fill in the form below to arrange a call back.
To access a full recording of the webinar, please fill in the form below. We'll email you a link to the video.
Stay up-to-date with financial news and insights delivered straight to your inbox. Sign up today.