Government Pension Benefits Explained
The government pension is a type of income that you can get from the government. It’s often called a state pension, but it’s not to be confused with private pensions or corporate schemes such as the National Pension Scheme (NPS).
What is a government pension?
A government pension is a retirement benefit paid to people who have worked for the government and other public sector organizations. A government pension scheme or plan is any arrangement for providing such benefits.
A government pension fund refers to an investment vehicle in which assets are held, managed and invested by an organization on behalf of its members (i.e., those who receive payments from it).
What are the different types of government pensions?
There are two main types of government pensions:
- State pension. This is a basic state-funded pension that you get if you’ve paid enough National Insurance contributions over your lifetime. It’s payable to everyone over 65 years old who has reached state retirement age (currently 66).
It’s worth noting that not all of your National Insurance contributions will count towards your state pension–some may be used to pay for other benefits such as healthcare or unemployment support.
How can I access my government pension?
You can access your government pension online and by calling the government pension helpline. You can also visit the government pension office in person to access your payment if you prefer not to use technology or if it’s more convenient for you.