State Pensions

updated: January 22, 2010

The 1908 Old Age Pensions Act introduced the first general old age pension paying a non-contributory amount of between 10p and 25p a week, from age 70, on a means-tested basis from 1 January 1909.

The 1946 National Insurance Act introduced a contributory State pension for all.  Initially pensions were £1.30 a week for a single person and £2.10 for a married couple, paid from age 65 for men and 60 for women, effective from 1948.

One of our major challenges as financial planners is to convince clients who have yet to retire that most of them need to move their pension planning into a higher gear.  Those who are relying mainly on the State to provide for them in retirement will, as ever, be very disappointed with this important phase in their lives.

We encourage clients who are age 55 plus to obtain a State Retirement Pension Forecast as part of their pension planning.

To obtain further information please click here for our pdf Guide to State Pensions.