Winners and losers in the great state pension shake-up

Until recently, retirement for millions of people in the UK meant having to rely on a complicated state pension where they would get little ...

Until recently, retirement for millions of people in the UK meant having to rely on a complicated state pension where they would get little over £100 a week to live on. However, if proposals from the government are signed into law, by 2017 the basic state pension could be worth as much as £144 per week for those who retire from that point onward.


Less money worries?


Right now, the current state pension system is hard to understand for many people who are at or near the retirement age of 65. They have to work out how much they have paid in National Insurance contributions before they know how much money they’re entitled to, plus there’s possible income from annuities or other pension products to take into account.

The simplification of state pensions is seen by many as long overdue. Retirees will soon find it easier to know what they stand to receive (if they have made NI payments for at least 10 years), but what else could the great pension shake-up mean aside from more money?

At the moment, it’s easy to be confused about the details of pensions. Highstreet Wealth Management can assist with transferring pensions and can also provide you with clear information and advice you’ll need to go through the pension process. With auto-enrolment being enforced in every employing company in the next five years, it’s a better time than ever to look up exactly on what a pension can offer you.

Varying benefits

The new-look state pension will benefit some people more than others. Those currently receiving state pension payments will be unaffected, but for those due to reach retirement age by 2017, they can expect:


  • To qualify for the full amount, claimants must have made 35 years’ worth of NI contributions
  • Broadly known as a ‘flat-rate’ pension, the maximum payment is £144 per week, although some will receive less due to paying less NI
  • Some higher earners who have paid into a workplace pension scheme won’t receive additional benefits from top-up schemes
  • Most additional pension payments from workplace or other schemes will still be received in full
  • The state pension age for women will rise to 65 
  • Those who reach retirement before the changes come into place can’t wait until that time and take out the new state pension
  • Anyone on a final salary scheme may have to pay more in NI per year due to their level of income
  • The flat-rate pension seems to be a good idea, not least because it could spell the end for confusion over pensions. Whether or not it will work is a question that’s yet to be answered, but any move made to benefit retirees will surely be welcomed.

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