Expert on how to get the most from your state pension
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The amount of new state pension someone gets is based on their National Insurance record when they reach state pension age. This means it is vital Britons maintain their record and ensure it is up to scratch.
People in the UK can currently begin receiving their state pension once they turn 66.
By 2028, this age threshold will increase to 67.
It will then be hiked again up to age 68 by 2046.
To get any new state pension when reaching state pension age, Britons usually need 10 qualifying years on their National Insurance record.
A total of 35 qualifying years may be needed in order to get the full new state pension.
This means anyone with less than the required qualifying years could miss out on getting the full new state pension.
However, some people may still get less than the full sum if they were contracted out before April 6, 2016.
The full new state pension is currently paid at a rate of £179.60 per week.
This provides £9,339.20 for a full year.
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From April 2022, the state pension will increase by 3.1 percent.
The full new state pension will therefore rise to £185.15 per week.
How to get qualifying years
Qualifying years are most commonly earned through working.
Those who are employed and earning over £184 a week from one employer can get a qualifying year.
Likewise, people who are self-employed and paying National Insurance contributions can earn qualifying years.
However, it is still possible for people who are not working to earn qualifying years and increase their state pension entitlement.
This can be done through National Insurance credits, which are attached to certain benefits.
Claimants of the following benefits could get National Insurance credits and improve their record as a result:
- Child Benefit for a child under 12 (or under 16 before 2010)
- Jobseeker’s Allowance or Employment and Support Allowance
- Carer’s Allowance
Another option for those who wish to improve their state pension sum is to pay voluntary National Insurance contributions. This could mean they can fill any gaps in their record which may otherwise deny them the full new state pension.
Britons can check their National Insurance record through the official Government website to see where they stand.
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