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TIME'S RUNNING OUT TO BOOST YOUR STATE PENSION
3 March 2023
Since 1948, the State Pension’s been an important part of society, providing financial security to all in later life. With life expectancy continuing to rise, and the number of people in receipt of this pension increasing, it’s important you know how much State Pension you’re entitled to and what steps you can take to give it a boost.
so, how much State Pension can you get?
The amount you’ll receive depends on how many years you’ve paid NI contributions.
If you’ve racked up enough qualifying NI years, you’ll be eligible for a State Pension once State Pension age is reached.
Helpful tip: You can use this tool to check when you’ll reach State Pension age, your Pension Credit qualifying age, as well as when you’ll be eligible for free bus travel.
New State Pension vs Basic State Pension
If you were a man born after 6th April 1951, or a woman born after 6th April 1953, you’ll be eligible for the new State Pension which is £185.15 per week.
If you reached State Pension age before 6th April 2016, you’ll receive the Basic State Pension (£141.85 per week) which has different rules.
What’s a National Insurance ‘Qualifying Year’?
A NI qualifying year’s one in which you did one or more of the following:
- Worked and paid NI
- Received NI credits or Carer’s Allowance
- You paid voluntary NI contributions
Your personal circumstances
If you’ve lived or worked abroad, you may still be eligible to receive some new State Pension.
In some circumstances, if eligible to do so, it may be beneficial to pay voluntary contributions to fill any gaps in your record, or manually claim NI credits to apply for a year.
time’s running out…
The current arrangements, which allow you to plug any gaps in your NI record dating back to 2006, will come to an end on 31st July 2023. After this date, you’ll only be able to pay voluntary contributions for the previous six years.