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Basic State Pension
The basic State Pension is a regular payment from the government that you can get when you reach pensionable age.
To get it you must have paid or been credited with National Insurance contributions.
The most someone retiring before the 6th April 2016 can currently get is £119.30 per week.
The basic State Pension increases every year by whichever is the highest:
SERPS and the State Second Pension
The additional State Pension was previously known as the State Earnings Related Pension Scheme (SERPS) and the State Second Pension. Your entitlement to an extra amount from the state is assessed on your National Insurance contributions.
State Earnings-Related Pension Scheme (SERPS)
Until April 2002, the additional State Pension for employees was called the State Earnings-Related Pension Scheme (SERPS).
The amount of SERPS pension you received was based on:
Inheriting your spouse or civil partner’s SERPS
The amount of SERPS pension that you could inherit depends on the date of birth of the person who has died. Use the following table to see how this might affect you.
Maximum SERPS a man’s wife or civil partner can inherit
| Man’s date of birth | Maximum percentage of SERPS pension that the man’s wife or civil partner can inherit |
| 5 October 1937 or before | 100% |
| Between 6 October 1937 and 5 October 1939 | 90% |
| Between 6 October 1939 and 5 October 1941 | 80% |
| Between 6 October 1941 and 5 October 1943 | 70% |
| Between 6 October 1943 and 5 October 1945 | 60% |
| 6 October 1945 and after | 50% |
Maximum SERPS a woman’s husband or civil partner can inherit
| Woman’s date of birth | Maximum percentage of SERPS pension that the woman’s husband or civil partner can inherit |
| 5 October 1942 or before | 100% |
| Between 6 October 1942 and 5 October 1944 | 90% |
| Between 6 October 1944 and 5 October 1946 | 80% |
| Between 6 October 1946 and 5 October 1948 | 70% |
| Between 6 October 1948 and 5 July 1950 | 60% |
| 6 July 1950 and after | 50% |
There is a maximum amount of additional State Pension that you may receive. This is a combination of both your own additional pension and any inherited additional pension.
The maximum amount is changed each year and is applied at the date on which entitlement to the inherited additional pension first arises.
The maximum additional State Pension between 6 April 2015 and 5 April 2016 is £164.36 each week.
State Second Pension
In April 2002, the additional State Pension became known as the State Second Pension.
The State Second Pension is more generous for low and moderate earners, certain carers and people with a long-term illness or disability.
How much you get depends on your earnings and whether you’ve claimed certain benefits. There is no fixed amount.
You get the Additional State Pension automatically, unless you’ve contracted out of it.
The Additional State Pension is paid with your basic State Pension.
Spouse or civil partner inheritance of the State Second Pension
A widow, widower, or surviving civil partner can only inherit a maximum of 50 per cent of their spouse’s or civil partner’s State Second Pension.
There is a maximum amount of additional State Pension that you may receive. This is a combination of both your own additional pension and any inherited additional pension.
The maximum amount is changed each year and is applied at the date on which entitlement to the inherited additional pension first arises.
Our service is very straight forward. Simply complete the form above and one of our team will
contact you to talk you through the process.
IMPORTANT
Changes to the pension rules April 2015
From April 2015, pension regulation changed dramatically. New rules now allow anyone over the age of 55 to access the full value of their personal pension fund. 25% of any 'lump sum' taken is free of tax and it's completely up to you how you use the money. By transferring from more restrictive schemes into a newer more flexible personal pension you could take advantage of the new rules when you reach the qualifying age.
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