Skip to main content

Premier Foods DC Group Pension Plan

step_4

Your State Pension

grandad_hugging_grandchildren_Banner_Block_1280px

Most people will be entitled to a State Pension. It’s an amount that’s built up through paying your National Insurance contributions while you’re working, and it’s then paid to you by the government when you reach your State Pension age. 

The State Pension is definitely an important part of planning and budgeting for your retirement, but it shouldn’t be relied on as your only source of income when you stop work – it’s unlikely that it will be enough to live on without other income as well.

On 6 April 2016 the new State Pension was introduced for those reaching state pension age on or after this date. It is a flat-rate amount subject to annual increases. When you’ll be eligible to receive it will depend on when you were born and the amount will depend on National Insurance contributions.

We’ve included some helpful government links below to give you information on:

When you reach your State Pension age, you can start to receive the payments from the government or you can choose to defer it if you can afford to do so. Deferring it for a few years will increase the amount you get when you do choose to start receiving it, so could be something to consider as part of your planning.

Image to replace 'Your State Pension age'

Your State Pension age

Find out your State Pension age.

Image to replace How much will your State Pension be_(EXT LINK)

How much will your State Pension be?

Check how much State Pension you will receive from the government.

Image to replace 'State Pension'

State Pension

Find out more about the State Pension.