The latest statistics from the Department for Work and Pensions (DWP) show that in February this year there were 12.5 million people across the UK receiving State Pension payments, a contributory benefit which provides essential financial support every four weeks for those who have paid at least 10 years' worth of National Insurance Contributions.
This regular payment of up to £185.15 per week for the full, new State Pension or £141.85 per week for the basic old State Pension (Category A or B) can be claimed by people who have reached the UK Government’s eligible retirement age, which increased to 66 for both men and women in October 2020.
However, two further increases have been set out in legislation and currently under review for a gradual rise to 67 for those born on or after April 1960 and a gradual rise to 68 between 2044 and 2046 for those born on or after April 1977.
