The State Retirement Pension

The basic state retirement pension for the current year can be checked on this link  If you paid into SERPS (State Earnings Related Pay Scheme) now referred to as SP2 it will be more.

You can find out everything you need to know about your State Pension on the link above.

Updated 31/03/2016

Many people believe that everyone is entitled to the basic state retirement pension but this is not true. The number of qualifying years for National Insurance contributions has changed twice in the last few years.

Since April 2010 the number of qualifying years required for both men and women was 30 depending on  gender and  age. This has improved the pension prospects for women who have taken time out to bring up children.

Under the new pension rules anyone retiring from April 6th 2016 will need 35 qualifying years.

The state retirement age for women was raised some time ago from 60 years to 65 years to bring them in line with men. 

This means that for baby boomer women born after 6th April 1950 - 5th April 1955 the retirment age will be between 60-65. Women born from the 6th April 1955 will have a retirement age of 65. However it doesn't stop there between 2024 and 2046 the retirement age for all will increase to 68 years and possibly higher.

Check your Qualifying Years

If you are unsure whether you have enough qualifying years for a full state retirement pension go to the Gov.UK/state-pension link above in the first paragraph.

You can find out everything you need to know about the state retirement pension on that link.

Get Your State Retirement Pension Forecast

Baby boomers should ideally apply for a pension forecast on the links above 2-3 years before retirement. If you leave it until you're close to retirement age there is little time to correct things if they are wrong.

Why would anything be wrong?

Have you had your State Retirement Pension Stolen?

It has recently been reported in the press that there is a huge flaw in the National Insurance (NI) system which means millions of people have paid for years but haven't had their payments credited.

Money saving expert Martin Lewis explains in this article how it's gone wrong and if you are affected how you can apply to have it corrected.

If you have less qualifying year's than you think you should it is definitely worth pursuing.

Will You Qualify for Pension Credit?

If you get your pension forecast and find that you don't qualify for the full state pension don't panic. You may be entitled to pension credit or other benefits. Even if you have a full state pension you still may qualify for pension credit or other benefits.  This may change under the new rules.  Again all this information can be found at the links above.

Should You Defer your State Pension?

If you decide to carry on working for a while it may be worth considering deferring your state pension. One year of deferral usually adds up to 10% more a year in pension.

But you will need to collect this pension for nearly ten years before you make up for income missed during deferment. If you defer for a year you can opt for a lump sum of around £5,200.

However if you took the pension, you could earn more from a tax-free cash ISA than the interest you'll get from deferring it, provided you save it and don't spend it!

Find out more on deferring your state pension at

Find out why baby boomer women will be worse off in retirement

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