Royal London New State Pension

Impact of new state pension longer term research pdf adjusted to reflect latest figures for 16 17 and 17 18 contained in foi reply to royal london. This website is intended for financial advisers only and shouldn t be relied upon by any other person. The new state pension nsp was introduced on 6 april 2016 for people reaching state pension age from that date.

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Work out whether you come under the new or old state pension system see page 4 for how to do this.

Royal london new state pension. People who had already reached state pension age continue to be entitled to a state pension under the old rules pensions act 2014 s1. The royal london mutual insurance society limited is authorised by the prudential regulation authority and regulated by the financial conduct authority and the prudential regulation authority. If you come under the new system go to chart b on page 6. The good news is existing state pension benefits are taken into account when calculating new state pension benefits the bad news is it s complicated.

The royal london state pension guide 2018 3 step 1. If you come under the old system go to chart a on page 5. Whichever is the higher is your starting amount for the new system. This is known as the starting amount for the new state pension.

As the chart shows in the first few years of the new state pension slightly under half of those retiring will get the full flat rate or above. In simple terms the government compares the state pension you had built up by 6 april 2016 under the old state pension rules and the state pension you would get under the new state pension rules. The new state pension nsp came into force for people who reach state pension age on or after 6 april 2016.