State Pension

What is the State Pension?

The State Pension is money the government pays you each week once you reach State Pension age. It’s based on your National Insurance contributions over your working life—not on how much you’ve saved.

How much is the State Pension?

The full new State Pension is £221.20 per week (2024/25), which is about £11,500 per year. You need 35 qualifying years of National Insurance contributions to get the full amount. Fewer years means a smaller pension.

You can check your National Insurance record and State Pension forecast on the government website.

When can you claim it?

State Pension age is currently 66 for both men and women. It’s rising to 67 by 2028 and may rise further. You don’t have to claim it at State Pension age—you can delay and get a higher amount later.

Is the State Pension enough to live on?

For most people, no. £11,500 a year is below what many consider a comfortable retirement income. The State Pension is a foundation, not the whole building. That’s why workplace and personal pensions exist—to top it up.

Do you pay tax on it?

The State Pension counts as taxable income. Whether you actually pay tax depends on your total income and the personal allowance (currently £12,570).

Key points

• Paid by the government – based on your National Insurance record
• Full amount needs 35 years of contributions
• Currently about £11,500 per year – not enough for most people
• State Pension age is 66 – rising to 67 by 2028