The state pension is a fund of money that is paid out to retired Britons as long as they have paid enough national insurance contributions.
You must pay a certain amount to qualify, and then it can vary.
Many also have a private pension plan to help support them in later life.
The government offers a state pension calculator to help you work out how much you will get.
State pension calculator
The government’s website has a state pension calculator tool which can tell you all sorts of things about your pension.
Using the tool can show you how much state pension you can get.
It will also tell you when you can get your pension and how you can increase it, if this is possible.
However, only those who have not yet reached pension age can use the tool.
How much you receive depends on a wide range of factors including when you were born.
This tool is also known as a state pension forecast.
It is important to be aware of the fact that the state pension age is under review, so what you are forecast now may not be what you will get.
What is your state pension age?
Your state pension age depends on your age and sex.
You can use the government’s website to work out when you will get your state pension.
The tool can also tell you your pension credit qualifying age and when you’ll be eligible for free bus travel.
What is the difference between the new and basic state pension?
According to Gov.UK, Britons can claim the basic state pension if they are a man born before 6 April 1951 or a woman born before 6 April 1953.
Those seeking a pension must have paid or been credited with National Insurance contributions to get the basic state pension. The most you can currently get is £125.95 per week.
According to Gov.UK, the full new State Pension is £164.35 per week, but the actual amount you get depends on your National Insurance record.
The amount can actually be higher are if you have over a certain amount of additional state pension or if you delay taking your state pension.
