What’s happening to the State Pension?
The so-called ‘New State Pension’ came into force from April 6th 2016 and will affect all pensioners who reach state pension age from that date onwards. For women, this means that you will be affected if you were born on or after 6th April 1953. For men, you will be affected if you were born on or after 6th April 1951.
How much could I receive?
The New State Pension attempts to simplify the old system and tackle inequality by introducing a single one-tier state pension. This pension will be available to all depending on how many years of National Insurance contributions you have and a handful of other factors, such as whether you have contributions or credits from before April 2016. In essence though, if you have 35 years of National Insurance contributions then your state pension is likely to be the maximum amount available. Currently this is £155.65 per week.
Everyone with between 10 and 34 years of National Insurance contributions will receive a portion of the single tier pension, depending on their exact length of contribution.
When will I be able to get my new state pension?
The New State Pension also introduces other changes which will see the state pension system continue to change in the coming years. The pension age, for example, will increase from 66 to 67 at some point between April 2026 and April 2028.
We recommend that everyone obtains a state pension forecast to help them plan via www.gov.uk