Inheritance rule helping 2m boost state pension, but others could be missing out
'The worry is that, while more than two million people are claiming inherited Serps, others could be missing out. Understanding the rules is key to boosting your retirement income'
'The worry is that, while more than two million people are claiming inherited Serps, others could be missing out. Understanding the rules is key to boosting your retirement income'If a person's spouse or civil partner passes away, they may be eligible to inherit part of their additional state pension (
Image: PA Archive/PA Images)
Over half a million individuals are enhancing their state pension by more than £5,000 per year through inheritance, according to data obtained by a pension provider.
A freedom of information (FOI) request by pensions mutual Royal London revealed that in the tax year 2023/24, over two million pensioners (about 2,027,440) received a payment from an inherited state earnings-related pension scheme (Serps).
This was part of the old state pension system, which allowed people to accumulate entitlement to additional state pension income. The figures show that around 541,760 pensioners were receiving more than £5,000 annually in inherited Serps payments, including 17,460 who received over £10,000.
If a person's spouse or civil partner passes away, they may be eligible to inherit part of their additional state pension, which will be paid on top of the surviving spouse's state pension when they reach state pension age. Surviving spouses and civil partners can potentially inherit up to an annual maximum of approximately £11,356.28 (£218.39 per week) for the 2024/25 tax year.
For the 2023/24 tax year, the weekly maximum amount of inherited Serps was slightly lower, at £204.68. The data was released by the Department for Work and Pensions (DWP) and was derived from its quarterly statistical inquiry, with the numbers being grossed up from its sample and rounded to the nearest 10.
According to the figures obtained by Royal London, the average annual inherited Serps payment for 2023/24 was £3,377. Some individuals are pocketing an annual sum exceeding £20,000 through an enhanced state pension inheritance. The whole system of state pension saw an overhaul in 2016 when it was simplified.
Royal London's consumer finance specialist Sarah Pennells said: "This data shows how much of a difference inheriting a Serps pension from your husband, wife or civil partner can make.
"The worry is that, while more than two million people are claiming inherited Serps, others could be missing out. Understanding the rules is key to boosting your retirement income.
"As we continue to adapt to the new system introduced in 2016, which focuses on individual entitlements, understanding the legacy of Serps and its relevance for thousands of retirees remains crucial. If you're in doubt about your inherited Serps entitlements, then you should contact the Pension Service to find out what you should be receiving."
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