Successive governments continue to meddle with the facts surrounding the state pension changes. These changes involve when you might expect to receive your state pension and how much you might get when you do receive it. They argue that as we are living longer the cost of providing just a very basic level of income when you retire is getting very expensive and therefore the point at which you can claim it seems further in the distance.

Here are some quick facts about the latest changes:

• The earnings related part of a state pension has been abolished, the new state pension is based on your National Insurance record only.

• To receive a full state pension you must now accrue 35 “full” years National Insurance records, up from the previous 30 years requirement (transitional rules are in place for those already nearing retirement).

• Those with less than 10 years full National Insurance record are unlikely to receive any state pension.

• If you have any gaps in your National Insurance records, you can “top up” your state pension by making Class 3 voluntary contributions.

• Remember, you do not automatically receive a state pension; you have to make a claim for it to be paid.

• You can defer receiving your state pension; for each year you defer this state income you will be awarded an additional increase of your pension rights of 5.8% for each year deferred.

• Your state pension age depends currently on when you were born; click here to calculate your state pension age.

• How much you may currently receive from your state pension is difficult to say without requesting a forecast as there are multiple transitional rules depending on how much National Insurance record you have, if you have paid a reduced rate, or historically opted out and received a rebate into an occupational or personal pension. If you would like a forecast click here for a form to be completed which can then be sent to the Pension Service.

If you would like any assistance in getting a forecast, or help planning how much income you need in retirement and your journey to get there, then please contact Richard Cullen on 0161 975 6700 or email us at askus@cullenwealth.co.uk.