State Pension 2020: How much is the State Pension? How much will you get?

The State Pension age rose for men and women on October 6 meaning from that time you need to be 66 to begin claiming State Pension. This age will again rise to 67 by 2028. Each year the State Pension amount rises as a result of the triple-lock guarantee introduced in 2011. But exactly how much is the State Pension and how much will you get?

What is State Pension?

State Pension is a regular monetary payment paid to eligible persons once they have reached State Pension age.

This Government payment is intended to ensure everyone has a foundation for their retirement income to support them in their old age.

State Pensions are funded from National Insurance contributions and therefore one’s eligibility for State Pension is contingent on their own National Insurance record.

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For men born on or after April 6, 1951, or women born on or after April 6, 1953, you qualify for the new State Pension.

The new State Pension is £175.20 per week, which equates to £9,110.40 a year.

You must have at least 35 qualifying years of National Insurance contributions to get the full amount.

The only reasons the amount can be higher are if:

• You have over a certain amount of Additional State Pension
• You defer (delay) taking your State Pension.

How is State Pension paid?

Full Basic State Pension

This State Pension is paid on different days depending on your National Insurance number.

It is usually paid every four weeks into an account of your choice.

You are paid in arrears which means you are paid for the last four weeks, rather than the coming four weeks.

New State Pension

After you have made a claim for State Pension, you will receive a letter about your payments.

The new State Pension is usually paid every four weeks into an account of your choice.

You are also paid in arrears for the new State Pension.