Almost 300,000 people searched online to find out how much the state pension was worth, according to new analytics on the most popular pension searches on Google.
Local Financial Advice, an independent company that acts as an introducer to financial advisors, examined Google search data to determine the most frequently googled pension questions in 2021. The top pension questions asked were: ‘how much is the state pension?’, ‘how much is the state pension for a married couple?’, ’how to claim a state pension?’, ‘what exactly is a pension credit?’ and ‘are pensions taxable?’.
‘How much is a state pension?’ was the subject of 288,000 Google searches last year. The answer is £179.60 for those reaching 66 with at least 30 years of national insurance contributions.
The second most asked question was ‘what exactly is a pension credit?’, with 111,600 Google searches in the last year. The third was, ‘are pensions taxable?’ with 69,120 searches. This highlights a lack of knowledge as to how pension savings are taxed. While people can claim up to 25 per cent of their pension pot as a tax-free lump sum from the age of 55 other pension withdrawals will potentially be subject to income tax.
The fourth most asked query was, ‘how much is the state pension for a married couple?’, searched by 34,800 people. Local Finance Adviser suggests some confusion about the rules regarding partners’ pension pots, even though retirees are now typically treated on an individual basis when it comes to the state pension.
‘How to claim a state pension?’ was the fifth most googled question with 21,600 searches. Local Financial Advice points out people should receive an invitation letter outlining the next steps within two months of reaching their state pension age, and can also apply online at gov.uk.
Local Financial Advice co-founder Nigel Borwell says: “It’s great to see so many Britons searching for answers to their pension questions. Retirement planning can be a complex process, so I encourage you to research your options and seek expert financial advice to identify the most suitable strategy for you to ensure your finances are on track for retirement.”
