Starting earlier this month, any person reaching state pension age will be part of the new state pension.

The new state pension is designed to be easier for pension holders and will allow people to easily plan their private or workplace pension savings.  Additionally, the new pension will help get rid of social inequalities allowing women, lower earners and the self-employed to benefit just like others.

Due to the changes, millions of women will receive an average of £11 more per week by 2030.  Research has predicted that over 75% of women and over 70% of men will gain in the first 15 years of the new pension – extremely optimistic numbers.

Human resource experts are referring to the change as one of the biggest overhauls the state pension system has seen in generations, and one of the best.  This new process has been designed to make saving more appealing since it will be simpler and far more straightforward than ever before.

Under the new system, if a person has 35 years of National Insurance contributions, they pensioner could receive around £155.65 a week.  Human resource professionals say that these changes, coupled with open enrollment, will encourage more people to save creating a more financially stable retired generation.

One caveat is that some people, like those members of defined benefit schemes who have contracted out of state second pensions, will not get the full pension.

Human resource experts are urging anyone and everyone to request a detailed state pension statement to determine what these changes mean to them.