State Pension UK: How to claim, payment dates and amount claimants could receive

State Pension UK: How to claim, payment dates and amount claimants could receive

State Pension is provided by the government to Britons who have worked for a particular number and put forward valuable National Insurance contributions. As many reach their age of retirement, it is important to note how they can make a claim, when they are likely to receive their pension, and the amount they could receive. The government has split the State Pension into two separate schemes available for different people dependent on their age.

The basic State Pension is claimed by men born before April 6, 1951, and women born before April 6, 1953.

But the new State Pension is available to those who are just slightly younger – men born on or after April 6, 1951 and women born on or after April 6, 1953.

To be entitled to the full basic State Pension, Britons will need to have 30 qualifying years of National Insurance contributions. 

But for those receiving the New State Pension, only 10 qualifying years must be accrued.

On the basic State Pension, the highest entitlement amount currently stands at £134.24 per week.

This is compared to the new State Pension amount, which is a maximum of £175.20 per week. 

The government has, however, taken steps to ensure pensioners receive an annual increase of their pension sum.

This is achieved through the Triple Lock system, which sees the State Pension increase each year by whichever sum is the highest: the rate of inflation, average earnings, or 2.5 percent.

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Those entitled to claim the new State Pension should receive a letter no later than two months before reaching State Pension age as a reminder to make a claim.

Pension can also be claimed through the online claim form, the telephone claim line, or by claiming from abroad.

The new State Pension is usually paid every four weeks into an account of the pensioners choice, and the person is paid in arrears – for the last four weeks, not the coming four weeks.

The basic State Pension is traditionally paid based on the last two digits of a National Insurance number.

On Monday, those with numbers between 00 to 19 will receive their payment, with 20 to 39 paid on Tuesday, and 40 to 59 on Wednesday.

Those with the numbers 60 to 79 will traditionally have their pension paid on Thursday, with 80 to 99 paid on Friday.

Published at Mon, 08 Jun 2020 06:27:00 +0000