The State Pension is a regular payment from the government that you may receive when you retire. This includes the basic State Pension plus an earnings-related top-up depending on your circumstances known as the State Second Pension (or S2P). You will receive the State Pension if you have paid or been credited with National Insurance contributions for 30 or more ‘qualifying’ years during your lifetime. The basic State Pension is currently £129.20 per week (2019/20).

The structure of the State Pension changed in April 2016 and replaced the basic State Pension and S2P if you are a man born on, or after, 6 April 1951; or a woman born on, or after, 6 April 1953. The current flat-rate pension is £168.60 per week (2019/20).

From this date, you need to have paid, or been credited with, National Insurance contributions for 10 'qualifying' years to qualify for the new State Pension, with the full amount payable if you have paid National Insurance for at least 35 years.

The new State Pension will eventually be the same for everyone, although those already claiming State Pension will continue to get basic State Pension and those who have built up S2P entitlement will get this too. Although this will help contribute towards your retirement, it is unlikely that it will be enough to provide the lifestyle you wish for. Owing to an ageing population, the age at which you are entitled to the State Pension is increasing and there is no guarantee that the way it is calculated will not be changed in the future.

Currently the basic State Pension increases every year in line with the highest out of the following factors:

• the average percentage growth in wages in the UK
• the Consumer Prices Index (CPI)
• 2.5%

Find out when you will reach State Pension age and how much you might get by visiting www.gov.uk/new-state-pension.

Rather than relying on the State Pension you can take your future into your own hands by saving for retirement in the Experian Retirement Savings Plan. The Plan provides benefits in addition to the State Pension. Start saving for your retirement today through the Plan and benefit from the Company’s contribution to your retirement savings straight away! You can then begin to build up valuable benefits to enjoy, on top of your State Pension, when you retire.