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Managing my investments
Managing my investments

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5.1.4 Understanding the new flat-rate pension

The new flat-rate pension began to be paid to those reaching state pension age from April 2016.

How much is this worth? How many years of National Insurance contributions do you need to receive it? What happens if you haven’t paid enough in contributions?

Work through the sums in this video and see what’s likely to be the overall effect on people’s saving habits.

The video was produced in 2015. However, the issues explored remain relevant to retirement planning.

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This ends our coverage of state pensions. You now move on to how we can supplement the retirement income we get from the state, with pension products such as occupational and other workplace pensions.