The State Pension provides a regular financial income for nearly 12.7 million older people in the UK
The Department for Work and Pensions has released new figures showing that nearly 12.7 million elderly people across the UK currently receive a regular income from the State Pension . This benefit is available to those who have reached the eligible retirement age of 66, set by the UK Government, and have made at least 10 years' worth of National Insurance contributions.
The State Pension age is scheduled to rise to 67 between 2026 and 2028, with another planned increase to 68 expected in the mid-2040s, reports the Daily Record. If you're concerned about the number of years you need to work for your pension, whether retirement is far off or just around the corner, our helpful guide below should clarify how National Insurance contributions impact the amount of State Pension you'll receive.
Understanding full New State Pension payments Firstly, it's important to note that 'full' refers to the maximum amount of New State Pension a person can receive. You'll need approximately 35 qualifying years to receive the full New State Pension if you don't have a National Insurance record before 6 April 2016.Those who have contributed between 10 and 35 years are eligible for a portion of the new State Pension.
Qualifying years if you're not employed You may receive National Insurance credits if you cannot work - for example due to illness or disability, or if you're a carer or unemployed.If you're not employed or receiving National Insurance credits You might be able to make voluntary National Insurance contributions if you're not in one of these groups but want to increase your State Pension amount. Find out more on the GOV.UK website here.
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