Question 1

What is the UK State Pension age?

Accepted Answer

The UK State Pension age is currently 66 for both men and women. It is scheduled to rise to 67 between 2026 and 2028, and to 68 between 2044 and 2046. You can check your State Pension age at gov.uk/state-pension-age.

Question 2

How much is the full new State Pension?

Accepted Answer

The full new State Pension is £221.20 per week (£11,502.40 per year) for 2024/25. You need 35 qualifying years of National Insurance contributions to receive the full amount. With 10-34 years you get a proportion; fewer than 10 years means you may not qualify.

Question 3

What is the 25% tax-free lump sum?

Accepted Answer

When you access your pension (from age 55, rising to 57 in 2028), you can typically take 25% of your pension pot as a tax-free lump sum. The remaining 75% is subject to income tax when withdrawn, either as drawdown or annuity income.

Question 4

What are UK workplace pension contributions?

Accepted Answer

Under auto-enrolment, minimum contributions are 8% of qualifying earnings (£6,240–£50,270 band), with the employer paying at least 3%. Many employers match contributions. You can also contribute to a SIPP (Self-Invested Personal Pension) with tax relief at your marginal rate, up to the annual allowance of £60,000.

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