As well as your benefits from the Scheme, you may also receive a pension from the State when you reach State Pension Age.
Basic State pension
The State basic pension is a flat-rate amount that you receive if you pay enough National Insurance contributions during your working life. The Government sets the level of the State basic pension each year. It usually goes up in line with inflation. You receive the State basic pension when you reach State Pension Age (see below).
Your earnings related pension
As a member of the Diageo Pension Scheme you were contracted out of the second tier of the State pension scheme and as a result paid a lower rate of National Insurance contributions. This second tier used to be called the State Earnings Related Pensions Scheme (SERPS), but since April 2002 is known as the State Second Pension or S2P.
As a consequence of being contracted out of S2P, the Scheme guarantees to provide you with a minimum level of pension at least equivalent to the pension you would have received under S2P. You will not have built up any benefits under S2P whilst you were a member of the Scheme.
How much pension will I get from the State?
You can find out by filling in a Retirement Pension forecast (form BR19). To get a copy please contact the Future Pension Centre on 0845 3000 168 or fill in the form online at https://secure.thepensionservice.gov.uk/statepensionforecast/
State pension age
You can claim your State pension at 65
If you were born before 6 April 1950: you can claim your State pension at 60
If you were born on or after 6 April 1955: you can claim your State pension at 65.
If you were born between 6 April 1950 and 5 April 1955: you will reach State Pension Age during the changeover period when it changes from 60 to 65. To find out what age you can claim your State pension, use the online calculator at: www.thepensionservice.gov.uk/resourcecentre/statepensioncalc.asp
Further changes to State Pension Age
The State Pension age for both men and women is to increase from 65 to 68 between 2024 and 2046, with each change phased in over two consecutive years in each decade. The first increase, from 65 to 66, will be phased in between April 2024 and April 2026; the second, from 66 to 67, will be phased in between April 2034 and April 2036; and the third, from 67 to 68, between April 2044 and April 2046.