Your State Pension will change in April 2024 – the amount you can get is increasing.
This is because the government is keeping the “triple lock” – which came back into effect in 2023 after having been suspended.
It means that the State Pension will increase by 8.5%, in line with average earnings growth between May-July 2023, which is the second-biggest increase to the State Pension on record. The rise was confirmed in last year’s Autumn Statement and affects people eligible for the new flat-rate State Pension, which was introduced in April 2016, or the older basic State Pension.
How Much State Pension Will I Get and How Do I Qualify?
The rise means that those qualifying for a full new State Pension will now receive £221.20 a week (up from £203.85). And those who reached State Pension age before April 2016, who are on the older basic State Pension, will now receive £169.50 – up from £156.20. You can check your own State Pension forecast on the government’s website.
The amount of State Pension you receive is based on the number of years of National Insurance (NI) contributions you have paid or been credited with and when you start claiming it.
There are government websites where you can check your personal NI record and get your State Pension forecast. Millions of forecasts have been checked online by people planning for retirement.
Can I Make Up for Any Missing Years of NI Contributions?
Gaps in your work history or being in certain types of pension schemes can mean you won’t have enough NI contributions to receive the full State Pension. But you may get NI credits for years when you’re not employed or have low earnings
In some cases, claiming benefits such as Jobseeker’s Allowance can actually help you build and protect your State Pension entitlement.
You might also be able to top up your NI record by paying voluntary National Insurance contributions. The deadline for doing this is normally 5 April each year. You currently have until 5 April 2025 to fill gaps in your NI record from as far back as 2006. After the 2025 deadline, you’ll only be able to plug gaps from the last six years. Filling gaps could potentially boost your State Pension by thousands of pounds, so it’s important to understand if you’d benefit from doing this.
When Will I Receive The State Pension?
Your State Pension age is the earliest age you can start receiving State Pension. You can check your State Pension age on the UK government’s website.
The State Pension age rose to 66 by 2020 and is due to increase to 67 between 2026-2028. It’s regularly reviewed to take into account things like affordability and life expectancy. Any change would have to be approved by the UK parliament.
Remember that modern, flexible workplace and personal pension plans normally let you start taking your money from the age of 55, rising to 57 from 6 April 2028. So you could access your pension benefits before you receive your State Pension.
