A State Pension is a payment made by the Government on a regular basis to most people when you reach what called State Pension Age (SPA). Your State Pension Age is dependant on when you where born.

State Pension is changing for those people who reach their pension age either on or after 6 April 2016. You will be affected if:

  • Your a man born after 6 April 1951
  • Your a woman born after 6 April 1953

If you reach your State Pension age before 6 April 2016, then you will not be affected by the changes, even if you have chosen to put off your claim for State Pension. You will still get the State Pension under the old rules or continue to receive your State Pension you get currently.

How Does State Pension Work?

The amount of Pension that you can get is dependant of you National Insurance Record and applies to both new and old State Pensions.
Your National Insurance Record (NIR) includes the National Insurance Contributions that you pay when you are working and the contributions that are credited to you when are unable to work, i.e. you can receive National Insurance Accreditations when you claim Employment and Support Allowance (ESA) or Jobseekers Allowance (JSA).

Your NIR can also include any voluntary contributions which you can choose to pay t cover the gaps that you are not working or in receipt of credits.
When you reach you SPA, you can claim State Pension if you have paid enough National Insurance Contributions during your working life. The amount you receive is dependant on how many qualifying years of contributions you have. Each tax year that you pay or credited National Insurance Contributions counts as 1 qualifying year, provided that you earn at least the minimum amount, however this amount changes every year.

How Much Will I Get?

Currently the full amount is £113.10 per week but from April 2015 this is set increase to £115.95 per week. You may also be entitled to Additional State Pension on top of this. Under the new rules, the full amount from 6 April 2016 may be at least £148.40 per week. The actual amount will be set in autumn 2015. You could receive a higher or lower amount dependant on you NIR.

Can I Increase The amount Of My Pension?

You don’t have to claim your State Pension when you reach your SPA. If you choose to, you can defer your claim and receive extra pension later on when you do claim.

You don’t have to claim your State Pension when you reach your State Pension age. If you want, you can put off (defer) your claim and get extra pension when you do claim.
Also, if you have already claimed you State Pension, you can cancel your claim so that you are able to receive extra Pension later, however this can only be done once.

Can I Claim State Pension And Carry On Working?

You can choose to keep working if you so desire to, whether paid or voluntary, while still claiming you State Pension. Any money earned will not affect your Pension however your entitlement to other benefits may be affected.

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If you would like to find out more by completing our enquiry form below.

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What type of pension do you have?

Do you have a pension that you no longer contribute to, that has a value of £10K plus?