State Pensions are Changing
The new state pension will be paid directly by the government on a regular basis that you can claim if you reach State Pension age on or after 6 April 2016.
You will be able to claim State Pension if you’re eligible (check this link to see if you are: New State Pension Eligibility) and:
- If you are a man born on or after 6 April 1951
- If you are a woman born on or after 6 April 1953
- You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension. They don’t have to be 10 qualifying years in a row.
The New State Pension will replace the current State Pension Scheme if you reach state pension age before 6 April 2016.
You can still get a state pension if you have other income like a personal pension or a workplace pension.
How much are you entitled to?
The new full State Pension will be no less than £148.40 per week. The actual amount will be finalised in Autumn 2015
How is it Calculated?
Your National Insurance record is used to calculate your new State Pension. The amount you receive depends on your national Insurance record.
You may have to pay tax on your State Pension, follow this link to find out more: Tax on Pension.
Working after State Pension age?
You can still carry on working once you have reached State Pension age but you’ll no longer have to pay National Insurance. Follow this link to find out more: National Insurance after State Pension.