Your State Pension

Your State Pension

When you reach the State Pension age, the Government will provide you with your State Pension. The actual amount you receive is determined by the National Insurance contributions that you made throughout your working life. If you have gaps in your contributions, it can be possible to fill in missing years.

The current State Pension age is between the ages of 63 and 65, and depends on your gender and date of birth. Due to recent changes, you will need to visit the gov.uk state pension age calculator to check your state pension age.

If you reached state pension age before 6 April 2016, the maximum you can receive, also known as the full basic State Pension, is £125.95 per week. Where you don't qualify for a full State Pension you can expect to receive part of the total amount (sometimes called a proportional amount). You can check how much you would qualify for here at www.gov.uk/check-state-pension .

Changes to the State Pension

The new flat rate State Pension replaced the basic State Pension and the Additional State Pension from 6 April 2016.

'Anyone who reached State Pension age on or after this date will be eligible to claim the new state pension. The maximum payment is currently £164.35 per week. However, there are other criteria that you have to meet to qualify for the full amount. This includes contributing at least 35 years worth of National Insurance contributions and making sure that you didn't 'contract out' of any payments during this time. You can find out how many years of National Insurance contributions you have made by applying for a State Pension Statement. Read more about it here.

The Government will also raise the State Pension age in the future. It's expected that from October 2020, both men and women's state pension age will increase to 66, then increase further to 67 by 2028 with the next increase to 68 to take place between 2037 and 2039. Furthermore on top of these age thresholds the government will review the state pension situation every five years regardless of these changes.

And while it used to be possible for your State Pension to be passed on to your spouse after your death, this is no longer possible with the new flat rate State Pension.

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