Whenever I begin to advise a client on their retirement planning it is important that I fully understand their current circumstances. This often involves dealing with various historic pension funds and benefits all (hopefully) packaged together in a tidy manner for me. However, there is always one omission and that is details of the State Pension.

The State Pension is the foundation block of your retirement plans. Whether it forms the majority or minority of potential retirement income it is still valuable. It can vary quite significantly based on your level of earnings and your employment status (employed, self employed, not employed etc). I’ve seen State Pensions for this year vary from £91 per week to £164 per week.

Also, you may have noticed a lot of press about State Pensions and extending the retirement age from when you can draw your pension. This bad news is offset by the return of the link between the State Pension yearly increases and earnings increases.

If you would like to find out the details of your own State Pension then you can request a forecast online here for free. It will tell you what you have built up so far, when you forecasted State Pension age is and how many more years of contribution you need to do in order to get the maximum basic pension is. It will also confirm if you have any entitlement to The Graduated Pension Scheme, SERPS or the more newer State Second Pension (S2P). It’s only 4 pages long and it is something you should read well before you plan to retire.

If you would like any advice on State pensions or your retirement planning then please get it touch.