State Pension

Most people are entitled to a State Pension from the Government when they reach State Pension age. How much you receive depends on the National Insurance contributions you’ve made over the years while working.

The State Pension should form part of your planning and budgeting for your retirement, but it should not be relied on as your only source of retirement income, as it’s unlikely to be enough to live on by itself.

The new State Pension was introduced on 6 April 2016 for those reaching State Pension age on or after this date. It is a flat-rate amount subject to annual increases. Your eligibility to receive it will depend on when you were born, and the amount you receive will depend on the National Insurance contributions you have paid.

The Government website links below provide helpful information about the State Pension:

• What is the State Pension
• Check your State Pension age (this is different to the default retirement age for the IMI Plan)
• Check your State Pension forecast