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How much do you need to retire?

Our handy retirement tool can help you break down how much money you might need for the lifestyle you want in retirement.

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Already with us?

Topping up your pension plan could help make a difference to your future. You can make a top up quickly and easily here.

What is the current State Pension age?

You can claim your State Pension now if you’re a male born on or after 6 April 1951 or a female born on or after 6 April 1953 and have reached the State Pension age. Keep in mind that the State Pension age will change, so it’s important to stay up to date.

You can claim your State Pension even if you’re still working when you reach State Pension age. You can even decide to not take your State Pension straight away and defer it for a while. Deferring for a few years might mean you get more per week when you do come to claim your State Pension.

The government site  has more information on how deferring might impact your weekly amount.

Is the State Pension taxed?

The money you receive from the State Pension is subject to tax.

If you add up the income from your State Pension, other pensions and jobs and together it goes over the personal tax allowance, then you will have to pay income tax.

The personal allowance for the current tax year is £12,570. Keep in mind that the allowance is reviewed for the start of each tax year. Tax rules can change and it’s up to you to make sure you pay the right tax.

The Pensions Advisory Service   has more information on how your State Pension is taxed.

How do I get my State Pension?

It isn’t automatically paid to you, once you reach State Pension age. You have to claim it from the government or let them know that you’re deferring your claim for a while.

The Government site  has more information on how to claim your State Pension.