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UK Pensions Conversations: The State of Retirement

Prospects for some are going down the tubes…


Sweeping changes to the State Pension announced this month will see millions of pensioner’s worse off, according to the Government’s own figures.  The flat payment of £144 from 2017 will mean the removal of the second pension – S2P (from the additional National Insurance contributions) and other top up payments.

Government figures have indicated a rise of £9 a week for around 750,000 women and millions of self-employed workers will benefit from the full pension for the first time.  It is estimated approximately a million high earners will lose about £20.00 a week due to the S2P payments they will lose.

To fund the increase in the number of State Pension payments, the Treasury will receive billions of pounds in extra National Insurance contributions as people will have to work for 35 years rather than 30 to qualify for the full amount.  In addition, to be able to qualify for the minimum State Pension, you must have worked for at least 10 years.

Prime Minister, David Cameron welcomed the simplified system, saying “We’re going to have later retirement ages as we’re living longer.  I think it’s fair to ask people to work a bit longer as we are living longer”.


If you have worked in the UK for more than 3 years, did you know you have an entitlement to a UK State Pension?

The full basic UK state pension is currently £107.45 per week, increasing to £110.15 in April.

We can assist you to increase your income in retirement by making additional voluntary contributions to maximize your entitlement to a UK State Pension.


  • The UK State pension is not means tested like the Australian Age Pension
  • This could increase your annual retirement income in Australia by up to $7,500 per person per year, guaranteed by the UK government

The sooner you reach your full 30 years entitlement the better, before the suggested changes occur, which could mean you having to pay 35 years worth of contributions  to receive the full entitlement.

We greatly value our clients and are committed to honouring the trust they place in us by creating visible results for them. Get in touch to find out how we can help our clients maximize profits, minimize tax, and invest the balance for growth.

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