State Pension Forecast

The new State Pension is paid to people reaching State Pension age on or after 6 April 2016. The full amount is £230.25 a week (about £11,973 a year) in 2025/26. What you get depends on your National Insurance (NI) record: you typically need 35 qualifying years for the full amount and at least 10 years to get anything at all. Each qualifying year adds roughly 1/35th of the full pension.

You build qualifying years by paying NI through work or self-employment, or by receiving NI credits, for example while claiming Child Benefit for a child under 12, receiving certain benefits, or caring. Gaps can appear from time abroad, low earnings or career breaks. You can check your record and any gaps on GOV.UK, and often fill gaps by paying voluntary Class 3 contributions, which can be excellent value.

The State Pension age is currently 66, rising to 67 between 2026 and 2028, and to 68 thereafter. It's the same for men and women. You don't have to take it the moment you reach State Pension age, deferring increases your eventual payments (currently by about 1% for every 9 weeks deferred, roughly 5.8% a year), which can suit those still working.

The full State Pension is below what most people need for a comfortable retirement, so it works best alongside workplace and personal pensions. The "triple lock" currently raises it each year by the highest of inflation, average earnings growth or 2.5%, helping it keep pace. Use it as the secure base and build private pension savings on top.

• Assuming you'll get the full amount. Many people have gaps or were contracted out. Check your forecast rather than assuming.
• Missing NI credits while caring. Claim Child Benefit (even if opting out of payment) and carer's credits to protect your record.
• Leaving fillable gaps too late. Voluntary contributions have deadlines. Review your record well before State Pension age.
• Treating it as enough on its own. It's a foundation, build a workplace or personal pension on top.