Pensions - How much will the state provide?

Many people believe that they will automatically receive the full basic state pension on reaching that milestone of 65.

What is often not understood is that you have had to have paid full rate National Insurance Contributions for 44 years if you are male and 39 years if you are female in order to receive the full basic state pension.

In addition to this, you may also be eligible for an element of Graduated Pension (between 1961 and 1975) or a further amount (1978 onwards) from the State Earnings Related Pension Scheme (SERPS). These two additional state benefits are enjoyed by employees who continued to pay full rate National Insurance Contributions and are dependent upon your salary history as an employee.

For a full state pension forecast, please complete the DSS on-line form by clicking here. The DSS will reply direct to you.