Your State Pension
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About the State Pension Your State Pension age (SPA) How much you'll get Pension Credit is increasing Inheritance Tax (IHT) and your pensionAbout the State Pension
The State Pension is a regular payment from the government that most people can claim when they reach their State Pension age (SPA). You may be entitled to this in addition to what you receive from the Provident Staff Pension Scheme (the Scheme).
Your State Pension age (SPA)
This is the earliest age you can claim your State Pension. It's not the same as your retirement age from the Scheme and varies according to the year you were born:
- If you were born before 6 April 1978 your SPA is somewhere between 65 and 68.
- If you were born after 5 April 1978 your SPA will be 68.
You can check your SPA today. Please be aware that his could change in the future.
How much you'll get
Check the government website for the current full State Pension.
The amount you will receive depends on your National Insurance (NI) record. You need to make NI contributions for a minimum of 10 years to receive any State Pension, and 35 years to qualify for the full amount. The State Pension usually increases at the start of each tax year and is not taxed as income, but it will use up some of your tax-free personal allowance.
You can check how much you might get today by getting a State Pension forecast.
Pension Credit is increasing
Pension Credit provides an additional top-up for pensioners on low incomes. From April 2025, the Pension Credit Standard Minimum Guarantee will see a 4.1% increase to £11,850 a year for a single pensioner.
The government is actively working to boost Pension Credit take-up. This is particularly important if you’re eligible to receive the Winter Fuel Payment, which is being means-tested from 2024/25 and could be worth £200 for eligible households, or £300 for eligible households with someone aged over 80. If you’re receiving Pension Credit, you’re automatically eligible for the Winter Fuel Payment.
Inheritance Tax (IHT) and your pension
IHT is a tax on the estate (the property, money, and possessions) of someone who has died. In the past, pensions have not typically counted towards the value of a person’s estate for IHT purposes.
From April 2027, some inherited pensions will be included in IHT. Under the proposals, any pension payable from the Scheme to your spouse or registered civil partner on your death will not be impacted.
We are waiting for more details about how these changes will work in practice, but it may mean more people’s estates exceed the IHT thresholds and, therefore, trigger a tax payment.
To find out more about IHT, visit How Inheritance Tax works: thresholds, rules and allowances.