The state pension is a fund put aside for Britons who reach state pension age.
This is provided that they have paid enough in national insurance contributions.
If they have paid a minimum of 10 years Britons can expect to receive something each month.
However, exactly how much this sum is depends on how much you have paid in.
How can you check how much is in your pension pot?
Checking your state pension
Experts at PensionBee said: “As well as any workplace and personal pensions, you may be eligible for a state pension.
“This is a regular payment from the government that you can receive when you reach state retirement age, based on your National Insurance record.
“The maximum state pension is currently £155.65 per week, but it will change in the future.”
“If you’ve got a while until retirement, it’s quite difficult to predict how much state pension you’re likely to receive, as future governments may make further changes to the state pension.
“However, you can use the state pension forecast tool on the government’s website to check how much state pension you could get, when you can get it, and how you may be able to increase it.”
Checking your workplace and personal pensions
PensionBee said: “To check your workplace and personal pensions, look at your annual pension statements or log in to your online accounts.
“If you’re not sure where your pensions are and you’re not receiving statements, you may need to track down your pensions.”
The pension provider added that it is important to check your pension to make sure you’re saving enough for retirement, you understand the fees you’re paying, and you’re happy with how your pension is being invested.
If you have workplace pensions, and/or private pensions, you should receive statements each year showing you how much money is in your pension pots and how your investments are performing.
Checking your pension online
Some pensions – including PensionBee pensions – come with online accounts. This means you can log in to your account to check your pension any time, just like you check your bank balance from your online banking portal.
How much are state pension contributions and how much do you pay to get the full pension?
You pay national insurance if you earn more than £162 a week.
The Money Advice Service said: “You pay 12 per cent of your earnings above this limit and up to £892 a week (for 2017-18).
“The rate drops to 2 per cent of your earnings over £892 a week.”