Beginners' guide to pensions and retirement

What types of pension are there?

From the State:

The Basic State Pension

How much you get will depend on how much you have paid in National Insurance Contributions during your working life. From 2010, people reaching their State Pensionable Age (SPA) will need to have paid them for a full 30 years (if you reach SPA before this date, you’ll need to have paid these contributions for 44 years if you’re male, and 39 years if you’re female).

It currently pays £90.70 a week for a single person and £145.05 for a couple. If you don't have enough contributions or credits, your State pension income will be less.

The State Second Pension (formerly SERPS)

As well as the State Pension, you may also be entitled to a State Second Pension. This is linked to your earnings while you were employed and will vary depending on your personal circumstances.

 

You can obtain a pension forecast (known as a BR19) of what you might get from the State, which includes both your Basic Pension and any additional State Pension entitlements.

To get a forecast, either:

• Apply online at thepensionservice.gov.uk
• Print out form BR19 at thepensionservice.gov.uk and post it
• Call 0845 300 0168 and request a form