Beginners’ Guides

Beginners’ guide to pensions and retirement

What types of pension are there?

From the State: The Basic State Pension

How much you get depends on the number of qualifying years gained through National Insurance contributions you’ve paid, are treated as having paid or have been credited with throughout your working life. The number of qualifying years you require will depend upon your age and whether you are a man or woman. Men born after 5 April 1945 and women born after 5 April 1950 need 30 qualifying years to be entitled to the full Basic State Pension.

It currently pays £97.65 a week for a single person (tax year 2010/11). For a married woman using her husband’s National Insurance record pays £58.50 a week.

This means that a married couple could get separate basic State Pension payments totalling £156.15 a week. If they both qualify for a full basic State Pension this could be £195.30 a week.

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 basic 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 State Pension and any additional State Pension entitlements.

To get a forecast, either:

Apply online at www.direct.gov.uk/pensions or by phone or post for a pension forecast.
Print out form BR19 at www.direct.gov.uk/pensions and post it
Call 0845 300 0168 and request a form

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