Understanding your pension options
What is the State Pension?
The State Pension is made up of:
- basic State Pension
- additional State Pension
You may be entitled to either or both when you reach State Pension age if you meet the qualifying conditions.
Remember that although the State Pension will give you a start, to have the lifestyle you want when you retire you will need to think about other savings too.
Find out about occupational pensions
Find out about personal pensions
Find out about stakeholder pensions
Find out about other ways to save for your retirement
What is State Pension age?
State Pension age is currently:
- 65 for men
- 60 for women born on or before 5 April 1950
Women's State Pension age will rise to 65 between 2010 and 2020. For women born between 6 April 1950 and 5 April 1955, when you reach State Pension age will depend on your date of birth.
Download a copy of Pensions for women – Your guide (PM6)
From 6 April 2020, the State Pension age for both men and women will be 65.
The state pension age for both men and women is to increase from 65 to 68 between 2024 and 2046, with each change phased in over two consecutive years in each decade.
The first increase, from 65 to 66, will be phased in between April 2024 and April 2026; the second, from 66 to 67, will be phased in between April 2034 and April 2036; and the third, from 67 to 68, between April 2044 and April 2046.
Find out the exact date when you will reach State Pension age
You do not have to retire when you reach State Pension age. You can:
- continue to work while claiming your State Pension
- put off claiming your State Pension until later to get a higher weekly pension, or a one-off taxable lump-sum payment, depending on how long you put off claiming for.
Find out more about working longer and putting off claiming your State Pension