Can we rely on the State pension in the future?

hugheskevi

what would someone have to be or do to receive £250.00 or over of State Pension p/w.

Have worked all their life, earning in excess of £40,000 (less as you go further back in time, but still a decent amount), for all of their adult life and been contracted-in the entire time.

Rather fanciful for above £250 p/w, but it is not uncommon to find folk with State Pension in excess of £200 p/w. The additional amount comes from Graduated Retirement Benefit, State Earnings Related Pension Scheme and State Second Pension, which are all separate to Basic State Pension of £113 p/w.

atush

sparky6840 wrote: »

What do you mean by full State Pension? The current maximum is over £250 p/w, but full tends to be used as meaning only the £113 p/w Basic State Pension.


Please excuse me, what would someone have to be or do to receive £250.00 or over of State Pension p/w.
I'm due to retire in March and all my searches come up with £113.10 p/w

It means those who had state second pension, S2P and the like get more due to their higher contributions.

Somewhere here the other day I read that those who earned the highest got up to 275 per week, not including any extra gotten from deferring their SP, nor to those who may have inherited part of the dead spouse's S2P etc.

molerat

sparky6840 wrote: »

What do you mean by full State Pension? The current maximum is over £250 p/w, but full tends to be used as meaning only the £113 p/w Basic State Pension.


Please excuse me, what would someone have to be or do to receive £250.00 or over of State Pension p/w.
I'm due to retire in March and all my searches come up with £113.10 p/w

Surely you have had a pension statement / forecast and know roughly what you will be getting ?

Thrugelmir

penwise wrote: »

So my friend who is 46 might have more reason to be concerned

At 46 there's still plenty of time to improve one's own situation.

System

princeofpounds wrote: »

I do not happen to believe that there is individual personal responsibility, .

Then use of an emotive expression like "boomers have awarded themselves ..." is pointless and meaningless.

What you doubtless mean is that Treasury actuaries failed to warn successive governments of the unsustainability of their electoral committments, and politicians therefore happilly dumped all the problems they were creating on someone else.

They are the people who if anyone can be said to have "awarded" themselves anything.

Thrugelmir

Clifford_Pope wrote: »

What you doubtless mean is that Treasury actuaries failed to warn successive governments of the unsustainability of their electoral committments, and politicians therefore happilly dumped all the problems they were creating on someone else.

Availability of cheap and easy to obtain credit for many years changed the long standing savings culture that existed previously. An issue that will take many years to reverse.