If you reached State Pension Age on or after 6 April 2016 you’ll get the new State Pension of £203.85 per week (2023/24). The earnings-related part of the previous system, called the Additional State Pension (AP), has been abolished and the new State Pension will be based on your National Insurance (NI) record alone. To receive the maximum State Pension, you need to have 35 qualifying years of NI payments. However, if you were ‘contracted out’ of the Additional State Pension at any time during your working life, the amount you receive may be reduced.

State Pension Age increases

Also bear in mind that the State Pension Age (the age at which you can claim a State Pension) is going up, as people live longer. SPA is going up to 67 by 2028 and then again to 68 by 2046 – so if you retire at 65, you may have a period where your only source of income is your BRSP pension. If that’s not going to be enough to live on, your options include delaying your retirement, or paying more into your pension now.

You can find out more about State Pensions at: www.gov.uk/browse/working/state-pension