An estimated 700,000 people are due to retire over the 2023/24 financial year and join the 12.6million already in receipt of their State Pension payments from the Department for Work and Pensions (DWP). Some 2.9m people claiming the New State Pension are now receiving regular payments of up to £203.85 each week, and as the contributory benefit is usually paid every four weeks, this amounts to £815.40 per pay period.
Of the overall total, some 9.7million older people are receiving Basic State Pension payments of up to £156.20 each week, the equivalent of £624.80 per pay period.
It’s important to note that to be eligible for any State Pension payment you must have at least 10 years’ worth of National Insurance contributions and to receive the full amount, you will need between 35 and 44 years - the exact number may be different if you were ‘contracted out’.
