Prestige Wealth Solutions Dubai — Do You Know How Much You Will Get From State Pension on Retirement?
With the news that the pensions scheme is running out of money to other confusing data that you may read daily, do you actually know how much the State pension is going to give you and when you are going to receive it? This may seem an obvious question, maybe you’re wondering why the Prestige Wealth Solutions Dubai team are discussing it, but the fact is that most people who are getting close to retirement age have absolutely no idea and the risk of them living in false hope is very real.
Research Advantage conducted essential research which identified that six out of ten people who are over the age of fifty haven’t asked for the State Pensions forecast yet and one in five don’t even know what this is.
What you may not know is that you can ask for a State Pensions forecast and receive it whether you are fifty, sixty or event twenty. This forecast provides you with the amount on can expect to receive when you hit State Pension Age. This will give you some important indication on what you can expect to receive and whether it’s enough to live comfortably on during your relaxing retirement years.
At PWS Dubai we have identified that the majority of people rely on their state Pension as their main source of income for their retirement years, but with the new pension scheme in place, the amount received is based on your National Insurance record and how many years you have qualified for.
The minimum criteria for State Pension is a minimum of ten years and to receive the full amount, you need to have thirty five years on your record, or more. The figures were released by the Conservative Party as we lead up to elections. They are promising to do away with the triple lock, this guarantees that all pensions will rise at the same rate as average earnings, 2.5% or the consumer price index, whichever is the highest amount.