Retirement pension

Who is it for?
People reaching pension age (currently 60 for women and 65 for men but being equalised and increasing by one month every two months, commencing in April 2010, for women who reach 60 after that date). Can be deferred and then taken as a lump sum or as an additional weekly pension. Obtain a pension forecast from 0845 3000 168 or www.thepensionservice.gov.uk/statepensionforecast

Who pays it?
The Pensions Disabilty and Carers Service (DWP)

Which leaflet? And how is it claimed?
NP46. Application forms usually sent out by TPS several months before. Can also be claimed over the phone and on-line.

What are the age limits?
60 (women), 65 (men) but age for women being raised for people born after 6/4/1950

National Insurance based?
Yes, but not for some people aged 80 and over. Widows and widowers can qualify for RP on spouse’s record (to include registered civil partners since December 2005). Number of qualifying years required to be reduced to 30 from April 2010

Means tested?
No. There is also no restriction on amount of earnings.

How long does it last?
Unlimited.

What is effect on other benefits?
Taken fully into account as income by all means tested benefits.

Is it taxable?
Yes.

Increases for dependants?
Yes. These adult dependant additions will be abolished for new claims from April 2010

Payable if in EU or other?
Yes, but check for uprating problems if outside EU.

Points to watch
Basic pension can be enhanced by SERPS and State Second Pension. Pension can be ‘deferred’ and collected after retirement age in lump sum or as an increased payment. Retirement pension no longer ‘downrated’ during spells in hospital. Means-tested Pension Credit acts as top up for pensioners with savings and small occupational or works pensions.

You can view details of benefit amounts on the Community Care Inform website

The A-Z of Benefits 2009 was compiled by Gary Vaux and Community Care Inform