Will there still be a State Pension when I retire?
Edited by Joss Hysi
6 Mar, 2025
The State Pension isn't going away, but it's under real strain: the Government Actuary's Department has warned the fund could run dry by 2033, as the ratio of working contributors to pensioners keeps worsening. Even today, the full new State Pension of £241.30 a week covers only around 32% of average UK earnings (£756 a week, per ONS data for the three months to July 2026) -meaning most people will need workplace pensions, personal savings, or continued earnings alongside it, not instead of it.
Will there be a State Pension when I reach retirement age?
The answer to this question isn’t set in stone yet, but there have been rumours about the State Pension being abolished for several years. Back in 2018, the Government Actuary’s Department (GAD) estimated that the UK’s increasingly ageing population could drive the State Pension fund to run dry by 2033. Quite simply because we’re paying out more than we’re putting in.
The money for the State Pension comes mostly from National Insurance contributions, and at the time the GAD released their 2022 report, there were 1,000 contributing workers to every 270 claiming pensioners. They estimated that by 2086 this would rise to 1,000 workers to every 430 pensioners. If we were already overdrawn then, it’s not difficult to imagine that this could be the straw that breaks the Treasury camel’s back![1]
Indeed, it appears that many of us are already anticipating a future without the State Pension in it. A 2025 report by retirement provider Standard Life found that just over half of Brits (51%) believe the State Pension will still exist for everyone by the time they retire - meaning very nearly as many either doubt it or aren't sure. Worryingly, confidence is lowest among Gen X (people aged 45-60), with only 47% agreeing, despite this generation being among the closest to retirement of those surveyed. [2]
Even with the State Pension still around for the time being, it’s not enough for most people to make ends meet. The full new State Pension for the 2026-27 tax year is just £241.3 per week (assuming you qualify for it – more details on this in our State Pension guide).
According to data from the Office for National Statistics (ONS), in September 2026, the average total weekly pay in the UK was £756.[3] So the full State Pension is currently only around 32% of what the average British worker would typically earn in their weekly pay.
How do I check or fill gaps in my State Pension?
You can pay for gaps in your National Insurance record for the past 6 tax years (e.g. by 5 April 2026, you can fill gaps from 2019/20).
How do I top-up my State Pension?
If you have gaps in your NI record and you would like to top it up to boost your State Pension entitlement, here's what you need to do:
- Check your NI record with HMRC
- If you're below State Pension age, get a State Pension forecast or contact the Future Pension Centre
- If you're over State Pension age, contact The Pension Service
Filling gaps in your NI record will cost you approximately £956.80 per year (partial years cost less). For each year you fill, you get an extra 1/35th of State Pension - which works out at around £358.
This means that as long as you live more than three years after the State Pension age, you'll have made your money back.
Before handing over any money, it's wise to check with the Future Pension Centre to make sure it's really worth it - especially given the cost of purchasing the lost NI credits. It won't make sense for everyone.
If you do have any gaps in your NI record, it's worth checking to see if you qualify for any of the benefits that come with an automatic NI credit during that time. You may be able to backdate a claim and boost your State Pension for free.
How will the future of the State Pension affect you?
As for the future of the State Pension on the whole, Graham Wells, Financial Coach & Chartered Financial Planner, thinks it's relatively unlikely that it will be altogether scrapped - but that some changes may be in store in the future.
Although there is speculation that the State Pension could be abolished at some point, this would be a hugely controversial policy and a deeply unpopular political move. It’s hard to imagine its complete removal any time soon, but I think we need to accept that some kind of redesign is likely.
The Institute for Fiscal Studies has suggested that the State Pension is not in need of wholesale change, but should become based upon a ‘target level’, expressed as a share of median full-time earnings. It also recommends that it should continue to rise with inflation and that the State Pension age should only rise if longevity at older age increases.
If these recommendations were adopted by the government, it would be fair to expect an end to the ‘triple lock’ guarantee and I wouldn’t be surprised if we saw a further increase to the State Pension age.
Of course, nobody knows for sure if the State Pension will be scrapped - so don’t start panicking just yet. Besides, it’s not like the government will introduce a Logan’s Run policy or get Thanos to snap his fingers. If it gets as bad as the GAD predicted, the government will almost certainly do something about it. But this ‘something’ probably won’t be very cosy, and since the full State Pension isn’t much to live off even now, it’s better to start finding other ways to protect yourself and boost your retirement income.
At the end of the day, we need to choose whether to leave our financial futures in the hands of government, take control of it ourselves, or accept that in reality, it’s a bit of both.
The State Pension will continue to remain a useful cornerstone of retirement planning for most people in the UK but it certainly won’t provide a standard of living above the most basic level.
More than ever before, we have an individual responsibility to plan for our futures. That could mean accumulating our own pensions and investments, finding meaningful work that we can enjoy into old age, or a blended approach where we can look forward to a State Pension, some personal or occupational pensions, part-time earned income and a back-up of savings and investments.
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[1] Government Actuary, March 2022
