State pension - when and how much you will get

Nobody likes to think about getting old, but there comes a time when it’s important to face reality. One of those times is when you are planning your retirement. You need to make sure you will have enough money to live comfortably. Your state pension might be a big part of that money, so it’s wise to know when you can start claiming it and how much you’ll get.

How old do you have to be to claim your state pension?

When you will reach the state pension age will depend on when you were born. It is currently 66 for both men and women. However, this is set to increase, and both men and women will have to be 67 by 2028. There was much talk about increasing it to 68 recently, but that has been ruled out.

How much will I get?

The amount of state pension you will get is dependent on how many qualifying years of National Insurance contributions you have paid or been credited with. To get a full state pension, you will need 35 qualifying years. You can still get a state pension if you don’t have 35 qualifying years, but it will be less. Everyone gets a basic state pension, which is paid at a weekly rate of £141.85. If you have a full 35 years of contributions, you will get a weekly payment of £185.15. Everyone who has reached state pension age will get some state pension, even if they have never worked.

Do I need to claim it?

You don’t need to claim your state pension. It is automatically paid to you four weekly after your state pension age. However, if you have reached or are approaching this age, it is a good idea to check that you have the correct National Insurance record and that you are getting the right pension. It is also worth checking that it is being paid into the correct bank account. To check your state pension, you need to create a personal account on the Government’s website. You must be 55 or over to do this. If you have not reached this age yet, you can still ask for a state pension forecast by contacting the future pension centre.

Can I defer taking my pension?

Since April 2016, you have been able to defer taking your state pension. When you do this, you will be paid more when you eventually claim. For every nine weeks you defer, you will get 1% more paid per week when you do claim. There is no limit to the number of times you can defer. Men born before 6th April 1951 and women born before 6th April 1953 are not able to defer. For those not able to defer, there will be a New State Pension available to them.

Can I work and claim my pension?

Since 2010, there has been no limit on how much you can earn and still claim your state pension. This means you can carry on working and claiming your pension if you wish. However, be warned that if you are claiming other state benefits, your income might affect the amount you get.