The state pension is a sum of money meant to pay for your in your old age.
It is paid to you by the government. So, how much will you receive?
The full new State Pension is £164.35 per week, which works out at £8,546.20 per year. The new figure was introduced on 6 April 2016, and only those who have made National Insurance contributions after this date will receive the higher amount.
However, there are some conditions that come with receiving this maximum sum after you retire.
The government UK website reads: “The actual amount you get depends on your National Insurance record.”
To quality for the new state pension you have to have racked up 35 full years of work.
There are a few reasons your state pension could be a higher amount that the stated full amount.
These are if you if you have over a certain amount of additional state pension or you delay taking your state pension.
The state pension is additional to any other income.
That means that if you have a personal person or workplace pension you will still get your state pension.
You pension will be automatically deferred unless you claim it.
What is the state pension age?
The age Britons can claim their pension has been gradually rising over the years.
It has recently climbed from 65 to 68 for both men and women.
The Government provides a state pension calculator to help Britons work out when they will get their pension.
All those born on or after 6 April 1978 will be able to claim their state pension at 68.
How do you get your state pension? Do Britons need to claim their retirement fund?
You need to actively claim your pensions and you will not start getting your payments until you do.
You should receive a letter from the Pension Service around four months before you reach state pension age.
Those who need to claim their pension can do so in various ways.
They can do this over the phone, sending the state pensions claim form to the local pensions centre in the post or claiming from abroad online.
