Latest figures on long-term impact of new State Pension

According to new figures released today, the introduction of the new State Pension in April will make millions of people better off. The data shows the long-term impact of the new State Pension on people’s pensions, with 75% of people set to gain in the first 15 years.

The move to the new system will provide a boost to the State Pension for many women, with over 3 million women receiving an average of £11 more per week by 2030 as a result of the changes – helping to address the gender inequalities that have persisted under the old scheme.

The figures show that:

  • Millions stand to gain from the changes to the new State Pension, including women and the self-employed, who so often lost out in the past
  • Over 75% of women and over 70% of men will gain in the first 15 years of the new State Pension
  • Over 70% of people who have been contracted-out during their working lives stand to gain
  • 90% of people who will pay National Insurance (NI) at the standard rate from April, due to the end of contracting out, will receive enough extra State Pension over their retirement to offset the increase in NI contributions

Anyone aged 55 or over can apply for a personalised State Pension Statement (link below), which will give them an estimate of what they will get under the new system (based on their work history and NI contributions to date, including information on their past contracting out record).

Useful links

New State Pension: impact on an individual’s pension entitlement – longer term effects

Get a State Pension statement

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