State Pensions
What is a state pension?
A state pension is the basic pension that government gives you when you retire and almost everyone qualifies for that. It's not very much but it means you at least have something if you haven't done anything on your own back.
How much do I receive as a state pension?
At the moment, the basic state pension is £87 and 30 pence a week. But that does change each year, and it tends to rise each year. You can also get more than that, because while you're working you have the option, if you want, to put more of your earnings into the state scheme, and that helps to obviously boost pension and retirement.
How often is a state pension paid?
The state pension is normally paid either weekly or monthly. You can choose which. If you want to change in the future, you can go into the pension service and they will do that for you. The norm is to go into your bank account, but then you can collect via the post office if you want to.
How old do I have to be before I receive a state pension?
At the moment, women can receive a state pension from the age of 60, and men , the age of 65. But there are plans that by 2020 that it will be 65 for both.
Does my pension get paid automatically?
Normally four months before a certain time, you will get the form that is being sent you from pension service. You need to complete it and send it back, and then your pension will start from the agreed date.
How do I claim a pension?
Claiming a pension is very straightforward. About 4 months before you retire, you'll get a pack in the post from the Pension Service, which includes the form BR1, which is a simple form. You need to fill it in. It gives details of who you are, when you're going to retire, and where you want the money paid to.
What is a retirement pack' and when will I be sent it?
About four months before you retire you'll receive a pension pack, which includes the form B-01. This is a very simple but important form, and it tells a pension service who you are, when you're going to retire, and where you want the money paid to you. So you need to complete that, send it back, and everything should run quite smoothly.
What is a Form BR1?
It is a very simple form, it comprises of several parts, the first part just confirms who you are and when you're going to retire, you then have to confirm where you want the money paid to, typically that's going to be a bank or building society account and you just need to sign a disclaimer to confirm that everything is correct and that you're not trying to defraud the government.
What do I do if I haven't received my retirement pack or Form BR1?
You should receive the pack within four months of retiring. Now if you haven't received it by three month until retirement, you should contact the Pension Service. They'll send you a replacement pack or you can download it from their web site.