Over half a million people are boosting their State Pension by more than \u00a35,000 annually 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 (approximately 2,027,440) received a payment from an inherited state earnings-related pension scheme (Serps).<\/p>\n
This was part of the old State Pension<\/a> system, which allowed individuals to accumulate entitlement to additional State Pension<\/a> income. The figures indicate that around 541,760 pensioners were receiving more than \u00a35,000 annually in inherited Serps payments, including 17,460 who received over \u00a310,000.<\/p>\n If a person’s spouse or civil partner passes away, they may be eligible to inherit part of their additional State Pension<\/a>. This will be paid on top of the surviving spouse’s State Pension<\/a> when they reach the official retirement age, currently 66.<\/p>\n Surviving spouses and civil partners can potentially inherit up to an annual maximum of approximately \u00a311,356.28 (\u00a3218.39 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 \u00a3204.68.<\/p>\n The Department for Work and Pensions (DWP<\/a>) released this data, which was taken from its quarterly statistical inquiry. According to the figures obtained by Royal London, the average annual inherited Serps payment for 2023\/24 was \u00a33,377, reports the Daily Record<\/a>.<\/p>\n Thanks to the inherited pension boost, some lucky individuals are raking in over \u00a320,000 a year from an enhanced State Pension<\/a>. The simpler ‘New State Pension<\/a>‘ was rolled out in April 2016.<\/p>\n Royal London’s consumer finance specialist, Sarah Pennells, remarked: “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.<\/p>\n “Understanding the rules is key to boosting your retirement income.”<\/p>\n Pennells further noted: “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.”<\/p>\n For those unsure about their rights to an inherited Serps pension, Royal London advises getting in touch with the Pension Service to find out exactly what you’re due – detailed guidance can be found on GOV.UK here. <\/a><\/p>\n State Pension payments 2025\/26<\/strong><\/p>\n State Pension<\/a> payments for the year 2025\/26 saw an increase in the weekly payment rates starting from April 7.<\/p>\n Full New State Pension<\/a><\/strong><\/p>\n