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The State Pension is available to provide financial support when someone reaches their State Pension age. Someone does not have to immediately start claiming their State Pension when they reach retirement age, nor do they have to give up work if they do not want to. When someone decides to claim their pension, they may receive the full State Pension, while others may be paid less based on their National Insurance record.
What is the maximum State Pension amount in the UK?
Weekly rates differ between the new State Pension and the old basic State Pension.
For 2020 to 2021, the full rate of the new State Pension is GBP175.20 per week. In 2021 to 2022, the full rate of the new State Pension will be GBP179.60 per week. READ MORE: Universal Credit UK: DWP may monitor your bank account & social media(C) GETTY State Pension payment (C) GETTY State Pension payment: Man on laptop
For 2020 to 2021, the category A or B basic pension under the old State Pension is GBP134.25 per week.
For 2021 to 2022, the category A or B basic pension under the old State Pension will be GBP137.60 per week. The State Pension will rise to the 2021 to 2022 rate in April 2021. How much State Pension a claimant receives is dependent on their National Insurance record.(C) GETTY State Pension payment: Money
How much State Pension will you get?
The basic State Pension is given to men born before April 6, 1951 and women born before April 6, 1953.
People born after these dates will be eligible to claim the new State Pension instead. With the basic State Pension, a total of 30 qualifying years are needed in National Insurance contributions or credits to get the full weekly amount. DON'T MISS:
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To get the full weekly amount of the new State Pension, a claimant will need 35 qualifying years on their National Insurance record.
Usually a claimant will need to have 10 qualifying years on their National Insurance record to get any new State Pension at all. To find out how much State Pension you could get, you can check the Government website HERE. This service can also tell you when you are able to claim your State Pension from, or how you can increase your State Pension if possible.
Can you top up the new State Pension?
There are some ways people are able to top-up their new State Pension, such as by claiming National Insurance credits.
People may also be able to pay voluntary contributions if there are any gaps in their National Insurance record.
Additional State Pension can boost the basic State Pension, while deferring taking the State Pension may also increase how much pension someone receives.