UK State Pension – Find out everything you need to know

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What is a UK State Pension?

The UK state pension is a weekly payment from the UK government that you receive when you reach state pension age.

To qualify for it, you must have paid or been credited with National Insurance contributions (NICs) and have reached state pension age. The amount you can claim depends on your number of contributing years.

How much is the New State Pension?

The new ‘single-tier’ state pension with a ‘full contribution level’ will entitle you to £179.60 a week (£9,339.20 a year).

What are the new changes?

The main changes to the state pension are the amount you are entitled to each week, the number of years you need to qualify for the full pension, and lastly, the option of paying full National Insurance contributions.

Previously, you were entitled to a full state pension after 30 years of NI contributions – you now need 35 years. To qualify at all, you need at least 10 years of NI payments.

For example, If you reach state pension age, and you have 14 years of contributions, you will be entitled to 14/35ths of a full state pension. Which is simply;

(£179.60 / 35 years) x 14 years = £71.84 per week

The government are also adding a cut off date, which means you have until 5th April 2023 to back date any missing contributions between 5th April 2006 and 5thApril 2016.

How do I claim my State Pension? 

You won’t get your State Pension automatically – you have to claim it. You should get a letter 4 months before you reach State Pension age, telling you what to do.

If you haven’t got a letter 3 months before your State Pension age, phone the claim line. They’ll discuss with you what you need to do.

There are 4 ways to claim:

  • Online State Pension claims
  • Over the phone
  • Download the state pension claim form and send it to your local pension center
  • Claim from abroad including the Channel Islands
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What happens to my state pension if I die?

If your spouse or civil partner is over the State Pension age when you die, they should contact the Pension Service to check what they can claim. They may be able to increase their basic State Pension by using your qualifying years if they don’t already get the full amount.

If they are under State Pension age when you die any State Pension based on your qualifying years will be included when they claim their own State Pension. For this to happen they can’t have remarried or formed a new civil partnership by the time they reach State Pension age.

What are my options with the UK State Pension?

If you haven’t yet reached your 35 years of National Insurance Contributions, complete the contact us details below and a UK Qualified Financial Advisor will be in touch to give you some options.