Find out who can claim, how much you could receive and when you can apply for it.
We have all heard of the state pension; however, not many of us know what it means for us or how much we will receive. The amount you receive will all depend on how long you’ve been contributing towards it and the type of private pension you have.
How do you receive the State Pension?
When the time comes, you will have to claim your pension when you reach State Pension age. You can find out how on the government’s website. You’ll also find a simple calculator on there which will show you when you’ll qualify for the State Pension.
How much could you receive?
The amount you’ll receive depends on how much National Insurance you’ve paid over the years. To get a State Pension, you’ll usually need at least ten qualifying years on your National Insurance record. If you have a 35-year National Insurance record, you may qualify for the full new State Pension.
Putting off drawing your State Pension
When you reach your State Pension age, you do have the choice if you want to claim it now or you can choose to put this on hold for a little longer. There are many reasons why you might decide to do this, but one potential benefit of it is if you have put it on hold for a minimum for nine weeks you could receive extra income, this will all depend on your state pension age though. To find out what your State Pension age is, please click here and follow the instructions on the government website.