State Pension amount: How much is the full State Pension?
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People can claim the money when they reach State Pension age. Your State Pension age depends on when you were born, and the amount of money you will get depends on how many qualifying years of National Insurance contributions you have. This includes National Insurance contributions you pay when you’re working and contributions credited to you when you are unable to work.
How much is the full State Pension?
You will be able to claim the new State Pension now if you’re a man born on or after April 6, 1951.
For women, the qualifying date is April 6, 1953.
The earliest anybody can claim their pension is when they reach State Pension age.
If you reached State Pension age before April 6, 2016, you will get the old State Pension.
The full amount of new State Pension currently sits at £175.20 per week.
But, it’s worth noting that not everyone will be entitled to receive the maximum amount of money.
The actual amount depends entirely on your National Insurance record.
The only way in which the amount can be increased is if you have a certain amount of Additional State Pension or you defer taking the payments.
After you have made your claim, you should receive a letter regarding your payments.
New State Pension is usually paid every four weeks into a bank account of the claimants’ choice.
Your first payment will arrive within five weeks of reaching State Pension.
After that, the payments will automatically come into your bank account every four weeks.
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How do I claim the State Pension?
State Pension payments are not made automatically, according to the Government website. Instead, pensioners will have to claim the money.
However, letters are sent out automatically to people nearing the State Pension age.
You should get a letter no later than two months before you reach State Pension age, telling you what to do next.
If you haven’t received an invitation letter, but you are within four months of reaching State Pension age, you can still make a claim.
The quickest way to get your State Pension procedures rolling is to do it online.
To apply online, you will need:
- The date of your most recent marriage, civil partnership or divorce
- The dates of any time spent living or working abroad
- Your personal or joint bank account or building society details
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