Whether you get the new full state pension when you reach 66 depends on whether your National Insurance contributions have matched certain criteria
OAP with cash in hand
Whether you qualify for a full new state pension depends on your National Insurance contributions
Despite the UK's state pension being amongst the least 'generous' offerings in the world, many rely on it to survive as they enter retirement. Pensions have been at the forefront of many Department of Work and Pensions (DWP) scandals of late and confusion still surrounds the eligibility of many individuals.
Former pensions minister Sir Steve Webb, recently slammed the Government website which allows the public to monitor their National Insurance (NI) record as "confusing" and "misleading". Meanwhile, a recent study found the UK state pension, (SP), comes bottom in a league table of after-tax replacement rates for average earnings, at just 28 percent, according to the Organisation for Economic Co-operation and Development, (OECD).
With recent changes to the state pension and ambiguity over how to check if you are on track to receive the full amount, we've broken down how to know if you qualify, what you will get and how to claim.
Are you eligible for the state pension?
To be eligible for the new state pension, you first must have been born on or after April 6, 1951. For a woman, you must have been born on or after April 6, 1953.
Once you reach the age of 66, then you can begin drawing your new state pension if you meet the criteria. Meanwhile, those born before these dates and reached state pension age before April 6 2016, these rules do not apply.
To get full the full new state pension, you need 35 years of National Insurance, (NI), contributions. To get any sort of SP, you will typically need at least 10 qualifying years on your NI record.
According to the Government, this means one of the following must apply to you in order to get some some sort state pension:
You were working and paid NI contributions
You were getting NI credits for example if you were unemployed, ill or a parent or carer
You were paying voluntary NI contributions
The new full state pension amount is £185.15 a week, £9,627.80 a year.
How to claim state pension
You will not receive your new state pension automatically. No later than two months before you become eligible, you should receive a letter telling you what to do. If you fail to receive the letter, but are within four months of reaching SP age, you can still make a claim.
However, the easiest way to claim is online through the official webpage, here.
blogpay
Total Comments: 0