If you're nearing State Pension age, working out exactly how much you will get each week can seem complex - but while this depends on your personal circumstances, there is a simple calculation you can use to figure it out.
UK residents who are approaching State Pension age this year need at least ten years of National Insurance contributions on record to claim get any amount. To get the full State Pension amount per week, you will need to have at least 35 years of National Insurance contributions.
The State Pension is paid on a sliding scale, which means the more National Insurance contributions you have made, the more money you will receive in retirement, LeicestershireLive reports. The years in which you made these contributions don't need to be consecutive, and don't just have to be from working - you may also have been in receipt of National Insurance credits if you were unemployed, ill, or a parent or carer, for example.
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The amount retirees receive through their pension is protected by the triple lock, which means that the State Pension rises each year by either 2.5%, average wage growth, or to match inflation, whichever is highest. The State Pension amount, currently £185.15 per week, is due to increase by 10.1% in April in line with inflation.
MoneyHelper explains a simple way to work out how much you will get for your State Pension depending on how many years of National Insurance contributions you have. Each year gives 1/35th of the full amount, for example:
- 35 years’ gives 35/35 x £185.15 = £185.15 a week
- 30 years’ gives 30/35 x £185.15 = £158.70 a week
- 10 years’ gives 10/35 x £185.15 = £52.90 a week.
The State Pension age currently stands at 66 for both men and women, which is due to rise for younger people. Retirees born after April 5 1960 are due to get their State Pension at age 67, for example - this age is currently under review and could rise to 68 by the end of the 2030s.
You may be able to pay voluntary contributions to fill gaps in your National Insurance record in order to increase your State Pension payments. You can check your record to find out if you have any gaps, if you're eligible to pay contributions voluntarily, and how much this will cost.
The Government advises contacting the Future Pension Centre if you're below State Pension age, or the Pension Service if you have reached State Pension age, to find out whether you will benefit from making voluntary contributions. You can check how much State Pension you could get, when you can get it and how to increase your payments if you can on the Government's State Pension forecast.
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