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Sep 30, 2015

State Pension Increase?

The new State Pension launches April 6th 2016 - but will it be as much as promised?

Set at a 'flat rate' of £151 per week, the new State Pension is due to launch on 6th April next year and is supposed to be easier and fairer than the existing two tier system.

However, of the people reaching State Pension age during 2016-2017, only around 1/3 of them will be entitled to the full amount. The rest will be subject to reductions of, on average, £35 making their actual Pension nearly exactly the same as the maximum basic payout currently at £115.95. Reductions will be enforced due to 'pensioners' not having the required 35 years of national insurance and/or periods of being 'contracted out' during their careers.

The changes to the State Pension will not affect people who have already reached State Pension age.

Whatever your circumstances, and if you are concerned about what you will receive come April 6th, please do not hesitate to ask us for advice and remember:

DO NOT RELY SOLELY UPON THE STATE PENSION TO FUND YOUR LIFESTYLE UPON GRADUATING FROM HAVING TO WORK.