State pension is given to Britons who have paid more than 11 years of national insurance contributions, but the sum each person is paid varies.
Do you know much you’re entitled to when you reach retirement age?
Basic state pension
Men born before 6 April 1951 and women born before 6 April 1953 are eligible for the basic state pension.
The full basic pension sum is £125.95 per week and you must have paid a total of 30 qualifying years of national insurance contributions to qualify for the full amount.
This is done by working, claiming national insurance credits – which is by claiming benefits if you are ill, unemployed or a carer – or by paying national insurance voluntarily.
If you have not paid enough in contributions you will not be eligible for the full amount but may get less.
Couples who are married or in a civil partnership can apply for a £75.50 ‘top up’ per week if one of them is not eligible for a pension.
The government website states: “You can get the ‘top up’ if both of you have reached state pension age and either your spouse or civil partner reached state pension age before 6 April 2016 and qualifies for some basic state pension, even if they haven’t claimed it.
“Or if your spouse or civil partner reached state pension age on or after 6 April 2016 and has at least one qualifying year of national insurance contributions or credits from before 6 April 2016, even if they don’t qualify for any new state pension or they haven’t claimed it.”
Men who are married to women born before 6 April 1950 cannot get the top up, but women of the same age can as long as they are married to a man or a woman who legally changed their gender from male to female during the marriage.
The majority of those working today will receive the new state pension.
So, how does this differ to the older scheme?
Those claiming the new state pension can claim more, but have to work longer to get the full sum.
New State Pension
Men born or after 6 April 1951 and women born on or after 6 April 1953 will receive the new state pension.
The full new state pension is £164.35 per week and as with the basic state pension the amount you receive is determined by how many years of national insurance contributions you have paid.
Those who have not paid any national insurance payments before 6 April 2016 will need to work 35 years to get their pension.
Those who qualify for the basic state pension or have made national insurance payments before 6 April 2016 need only pay 30 years of national insurance contributions.
You have to have paid at least 10 years of full national insurance contributions to get any type of pension.
Can you get state pension early?
The Government advises via the Pension Wise service that you cannot take money out of your private pension early unless in certain scenarios, and it is not possible to take your state pension early.
