New "Flat Rate" State Pensions

Those who reached state pension age on or after 6th April 2016 have the privilege of being the first recipients of the new, supposedly “flat rate” state pension.

Although the headline rate has been set at £155.65 per week, nearly everyone is receiving a different amount to this.

There are a number of reasons why this is so, but the 2 main reasons relate to the old state pension system, which featured an entitlement to additional state pension for many and a lower state pension for those who have not been “contracted out”.

The important point for everyone who is planning their retirement is to have an up to date pension forecast.  An online version is in its testing stage at www.gov.uk/check-state-pension  This page provides details of other ways of obtaining a forecast.

All you then have to do is understand it!

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