Marvin OnumonuHalf (50%) of UK adults are not clear on what they will get from their State Pension, with almost a third unaware of when they will actually start receiving it, research from Standard Life found.
The research revealed that 31% of people nearing retirement, those aged 55 to 64, also did not know their pension amount.
Meanwhile, 32% of people said they didn’t know the age they qualified for the State Pension, including 12% of people close to retirement.
More than half of adults did not know the current value of State Pension payments or how to calculate their own entitlement.
Over a third (34%) did not realise that National Insurance Contributions decide how much they can get in retirement.
Dean Butler, managing director for retail direct at Standard Life, said: “With the state pension set to rise to £11,973 a year for the 2025-26 tax year, it remains a crucial part of many people’s retirement income.
“But despite its importance, there’s still a lot of confusion around how it works and how much people might get.
“Knowing when you’ll start receiving your state pension and how much you’re likely to get is an important part of planning for retirement.”
Butler added: “It helps you work out how much extra you need to save, when you could afford to retire, and what your overall financial picture will look like.
“Understanding how your National Insurance (NI) contributions impact your retirement is also vital, so you’re not caught out when the time comes.
“With the personal allowance frozen at £12,570 until 2028, there’s a good chance that people will pay tax on the state pension alone from 2026 or 2027.
“The Government might change the rules to avoid this, but it’s good to be aware of tax when planning for retirement.”
