The state pension increases each year on the first Monday on or after 6th April (for this year it will be Monday 8th April 2024), currently using the triple lock system. This means that you get an increase based on the higher of earnings growth, inflation or 2.5%. So every year the state pension will increase, not matter what. Read More
If you are still yet to receive your state pension then you may be wondering how much you will get when you do come to reach state pension age (check out your state pension age here).
The amount of state pension you get depends on the number of qualifying years you have to put towards it. Generally speaking, qualifying years are when you have paid enough National Insurance, or been assigned credits (for example for looking after children) or if you were paying voluntary NI contributions.
As long as you have 10 years worth of credits then you will be entitled to some state pension.
The maximum amount of state pension payable for 2023 is £203.85 per week which is equivalent to £10,600.20 per annum. It is paid every 4 weeks. In order to get the maximum amount you need to have 35 qualifying years. There are other factors involved so this is a generalisation so you need to check your individual circumstances. You can get a state pension forecast through the government website. If you have between 10 and 35 qualifying years then you will get a portion of the maximum payment.
The new State Pension increases each year by whichever is the highest:
Last year it increased by 10.1% due to the high level of inflation.
The latest independent review of State Pension age (commissioned by the Secretary of State for Work and Pensions) has just been published by the government and there are recommendations with regards to the increase in state pension age to 67, 68 and 69. This review follows on from the one undertaken by John Cridland that was published in 2017. None of the recommendations from either of the reviews have been enacted in legislation at this time so things can still change!
Below is a brief summary from the report via excerpts of the recommendations and we will work on the finer details as soon as possible and check the updates that are required to the articles published on this website. Read More
The second state pension age review was launched in December 2021 and will continue until it reports in 2023. The review is to look at state pension ages and whether or not these should be increased, and if so when. Read More
We know that a lot of people are searching out what age they may be able to draw their state pension in the UK when they finally get to retire, and it can be difficult to know what your retirement age may be as the rules keep changing. So for those who are born in 1985, your retirement date at present will be your 68th birthday. Read More
If you were born between 6th October 1954 and 5th April 1960 then your retirement age (i.e. the age at which you can claim your state pension) is age 66 both for men and for women. Read More
If you are approaching state pension age then you might be wondering how you go about getting your state pension and if it gets paid automatically.
Well the answer to this is no, it does not automatically get paid to you, you have to request payment. Read More
The result of the appeal against the judicial review for the backto60 women is in and the two women have lost their appeal today. The press release for the announcement of the appeal is as follows: Read More
Finally the result of the judicial review into the equalisation of women’s pension ages was delivered this morning and the verdict went against the women, with the court ruling that they had not been discriminated against. The women were claiming discrimination on grounds of age, sex and age and sex combined. Read More
There is much going on in parliament right now as we are all aware but one thing that happened yesterday was the 2019 Spending Review which was delivered by the Chancellor Sajid Javid. The spending review is different to the UK Budget although some people could be confused between the two understandably. Read More