According to Government figures released recently, the average State pension claim increased by just short of 5% last year.
The average amount paid out combining basic State pension and additional pension (such as State Graduated Pension or SERPS) totalled £75.96 per week. An average basic State pension was £62.53 and the average additional pension was £10.30 per week.
The number of people actually receiving a State pension has increased by just less than 1% and the split is still biased towards women, due to additional life expectancy. Of the people in the UK claiming a State pension, 63% are women and 37% are men. Of the people claiming State pensions overall, around 1million are resident outside the UK.
Our view:
Would your lifestyle change if you had to live on £75 per week? Rely on yourself for a comfortable retirement and not the Government.
Did you know you can get a free state pension forecast? State Pensions.
Learn more about pensions in the Pensions Adviser.com.
For women born after March 1955 the state pension age is now 65. Try our female state pension calculator.