Is State Pension knowledge too low for informed financial decisions

Document type
Briefing
Corporate author(s)
Pensions Policy Institute
Publisher
Pensions Policy Institute
Date of publication
14 June 2018
Series
Briefing Note 107
Subject(s)
Older Adults, Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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This Briefing Note looks at social attitudes about the State Pension and discusses the choices available to different age cohorts.

Key points:

  • The age at which people can first start to receive State Pension income is rising for both men and women, though women have seen faster increases than men.
  • The basic State Pension (bSP) and additional State Pension have also recently been replaced with the new State Pension (nSP) which changes the level that people will accrue in the future.
  • The introduction of the nSP necessitated the end of people being able to ‘contract out’ of paying National Insurance Contributions (NIcs) towards additional State Pension.

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