Can you count on the State Pension? Why your own pot carries more of the weight than you might think

You can count on the State Pension to pay. You can’t count on it to pay for the retirement most people picture.

In 2026/27 the full new State Pension is £241.30 a week, about £12,548 a year. That’s a solid foundation. For most people, it’s roughly a third of what they’ll need.

How much is the State Pension in 2026/27?

The full new State Pension is £241.30 a week for the 2026/27 tax year, or £12,547.60 a year. It applies to anyone who reached State Pension age on or after 6 April 2016.

“Full” is doing a lot of work in that sentence. You need 35 qualifying years of National Insurance contributions or credits to get the full amount, and at least 10 to get anything at all. Fall short of 35 and you get a proportion. Someone with 25 qualifying years would receive 25/35 of the full rate, about £172 a week.

The State Pension rises each April under the triple lock, by the highest of earnings growth, price inflation or 2.5%. It rose 4.8% in April 2026. The rise for April 2027 hasn’t been confirmed yet.

Will the State Pension still be there when you retire?

The State Pension isn’t going anywhere. What can move is when you get it and how quickly it grows.

State Pension age is currently 66. Under current law it rises to 67 between 2026 and 2028. Both the age and the way the pension is uprated are set by government, so both can change in future. That’s not a reason to worry. It’s a reason to plan on today’s rules and check them once a year, rather than assuming they’re fixed.

How far does the State Pension actually go?

Pensions UK (formerly the Pensions and Lifetime Savings Association) publishes Retirement Living Standards each year. They estimate what three different lifestyles cost. Its 2026 figures for a single person are below.

At the moderate level, the full State Pension covers about a third of the income needed before tax. At the comfortable level, it covers under a quarter.

These figures also exclude housing costs. If you’ll still be paying rent or a mortgage in retirement, you’ll need more.

Where does the rest of your retirement income come from?

The gap is filled by everything else you’ve built up: workplace pensions, personal pensions, ISAs, other savings and investments, and for some people property or the sale of a business.

Pensions UK estimates a single person would need a pension pot of roughly £335,000 to £505,000 to fund a moderate retirement alongside the full State Pension. That estimate assumes the pot buys a guaranteed income for life. Its research found only 23% of people are on track for a moderate retirement, and 9% for a comfortable one.

Those numbers can look daunting. They’re also national averages. Your number depends on the life you want, when you want to stop working and what you already have.

What should you check now?

1. Your State Pension forecast. The GOV.UK forecast service shows how much you’re on track to get and when. If there are gaps in your National Insurance record, you may be able to fill some with voluntary contributions, though it isn’t always worth it.
2. Every pension you have. Old workplace pensions from previous jobs are easy to lose track of. They all count.
3. The retirement you actually want. Put a rough annual figure on it, rather than relying on averages.
4. How it all fits together. Pensions, ISAs and other savings are taxed differently. The order you draw on them can change how much you keep.

This is where joined-up planning earns its place. We look at your State Pension, private pensions and savings together, with tax and accounting specialists across Sedulo Group on hand where it helps.

You don’t need to work this out alone. Your adviser can talk it through against your actual numbers.

FAQ

Is the State Pension taxable?

Yes. The State Pension counts as taxable income, but it’s paid without tax taken off. In 2026/27 the full new State Pension is just under the £12,570 Personal Allowance. That means income from a private pension, a part-time job or savings will usually be taxed, often through your pension provider’s tax code.

Can I work and claim the State Pension at the same time?

Yes. There’s no earnings limit, so you can keep working and still receive your State Pension in full. You also stop paying employee National Insurance once you reach State Pension age, although income tax still applies.

What happens if I delay claiming my State Pension?

You don’t have to claim it as soon as you reach State Pension age. Under the new State Pension, each year you defer adds about 5.8% to your weekly payment. Whether that’s worth it depends on your health, your other income and your tax position.

How do I check my National Insurance record?

Use the GOV.UK “Check your National Insurance record” service or the HMRC app. It shows your qualifying years and any gaps. Your State Pension forecast, on the same site, tells you whether filling a gap would increase what you get.

Will the triple lock always be there?

No one can promise that. The triple lock is government policy, not a permanent guarantee, and future governments can change it. A sensible plan works without assuming it will continue, and treats any extra growth as a bonus.

How much should I be paying into my pension?

There’s no single right figure, because it depends on when you started saving and the retirement you want. Pensions UK suggests aiming for total contributions of at least 12% of earnings, including your employer’s share, to improve your chances of a moderate or comfortable retirement.

Does the State Pension go up with inflation?

Under the triple lock it rises each April by the highest of price inflation, earnings growth or 2.5%. So in most years it keeps pace with inflation or beats it. The rest of your retirement income won’t do that automatically. That depends on how it’s invested.

About the author

Jon Fisher is Head of Wealth Management at Sedulo Wealth, a Chartered financial planning firm and part of Sedulo Group. He built the team around an independent, planning-led approach, and works with individuals, families and business owners who want to build and protect their wealth with joined-up support from tax and accounting specialists across the group.