• State pension

    elderly man walking through town

Not sure what pension you are in?

The UK state pension is intended to ensure everyone has a foundation for their retirement income to support them in their old age. State pensions are funded from National Insurance contributions. What you’ll receive doesn’t directly depend on have much you’ve earned but instead depends on your National Insurance (NI) contributions.

The current full State Pension is £221.20 a week in the 2024/25 tax year, £11,502.40 a year.

You can claim state pension when you reach state pension age, for both men and women this is currently 66 years old. The state pension age is set to rise to 67 between 2026 and 2028 and to 68 between 2037 and 2039.

A new state pension system came into effect from 6 April 2016. The way the state pension works depends on when you reach your state pension age. You only qualify for a full state pension if you have 35 years’ worth of NI contributions.

For more information visit www.moneyhelper.org.uk/en/pensions-and-retirement/state-pension/state-pension-an-overview

© Copyright - Barnett Waddingham
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