Pension Planning - State Pensions

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State Pensions

A state pension on its own is insufficient to support a comfortable standard of living, but is very useful, and therefore you should make sure that you maintain your entitlement to it.

State pension is received as soon as you reach state pension age, in spite of whether you have stopped work or not. All State Pensions are increased each year with inflation, but they are also taxable. Pensioners also receive an annual winter fuel payment of £150, and get a small tax free bonus just before Christmas.

• How can I get a Retirement Pension Forecast.
• What will my Pension forecast will tell me.
  

Basic Pension

Everyone who has paid enough National Insurance contributions throughout their working life is entitled to the basic pension. The full basic pension is £3,510.00 a year, for each person.

A wife over state pension age can receive a basic pension of up to £2,100.80, which is based on her husband's contribution record, as long as he is receiving his state pension. If the wife is younger than the pension age, and earns less than £2,174.40 then the husband receives the extra sum.

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1998 - 2007 UK Pensions - Planning before, at the onset and during retirement.