The full new State Pension is £164.35 per week.
The actual amount you get depends on your National Insurance record.
• You have over a certain amount of Additional State Pension
• If you defer (delay) taking your State Pension
You can still get a State Pension if you have other income like a personal pension or a workplace pension.
You might have to pay tax on your State Pension.
The new State Pension is usually paid every 4 weeks into an account of your choice. You’re paid in arrears (for the last 4 weeks, not the coming 4 weeks).
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.
• If you were working and paid National Insurance contributions
• You were getting National Insurance credits for example if you were unemployed, ill or a parent or carer
• Or you were paying voluntary National Insurance contributions
If you’ve lived or worked abroad you might still be able to get some new State Pension.
You’ll need 35 qualifying years to get the full new State Pension.
You’ll get a proportion of the new State Pension if you have between 10 and 35 qualifying years.
You don’t have to stop working when you reach State Pension age but you’ll no longer have to pay National Insurance.
Would you like to have a free, friendly chat about your pension? Then call our pensions expert, Paul Brassington, on 0161 443 4555 today.
To book a free pension review online please click here.