Exact State Pension age for men and women and how to claim explained | Personal Finance | Finance

The State Pension is a regular government payment available to people once they reach State Pension age, though both the amount received and the date it can be claimed vary. Eligibility depends on meeting specific criteria. GOV.UK explains that most people build up their entitlement by paying National Insurance contributions or receiving National Insurance credits over their working life.

Those who do not have enough qualifying years to receive the full State Pension may still be able to boost their entitlement by filling gaps in their National Insurance record through voluntary contributions. Currently, the State Pension age is 66 years old for both men and women. However, this is set to rise to age 67 between 2026 and 2028, and to age 68 between 2044 and 2046.

Basic State Pension

As written on the GOV.UK website, those eligible for the basic State Pension need to have enough National Insurance qualifying years. You also need to be either a:

It notes: “If you were born on or after these dates, you’ll claim the new State Pension instead. You will have already claimed your basic State Pension unless you delayed (deferred) your State Pension.”

New State Pension

You’ll be able to claim the new State Pension when you reach State Pension age if you’re:

• a man born on or after April 6, 1951
• a woman born on or after April 6, 1953

How to qualify

It has been confirmed that you will need 10 qualifying years on your National Insurance record to get any new State Pension.

A qualifying year is one in which you were:

You might also qualify if you’ve lived or worked abroad or paid reduced-rate National Insurance for married women.

How much will I get?

At present, the full rate of the new State Pension is £230.25 a week. However, this may be higher or lower than what you get.

Your amount could be different depending on:

This weekly figure comes under the flat-rate new State Pension, which began on April 6, 2016. Under the old scheme, the maximum ‘basic’ State Pension is £176.45 a week, but as stated, you may get more or less than this depending on your circumstances.

If you receive less than £230.25 per week

You likely need more NI qualifying years to reach the full amount. If you began working before April 2016, you may have been “contracted out” which means more money went into your private/workplace pension and less into your State Pension. If this has happened, you may need to have more than 35 qualifying years to get the full state rate. However, if you began your NI record after April 2016, you need exactly 35 qualifying years for the full rate.

If you receive more than £230.25 per week

If you paid into the Additional State Pension before 2016 and would have received a higher State Pension under the old rules, you’ll get a ‘protected payment’. This is paid on top of the full rate of new State Pension, GOV.UK confirm.

How your pension increases

Your State Pension rises every year by whichever of these three figures is the highest:

• Average percentage growth in wages (in Great Britain)
• prices – the percentage growth in prices in the UK measured by the Consumer Prices Index (CPI)
• 2.5%

Any “protected payment” portion of your pension only increases in line with inflation (CPI).

How to check your State Pension forecast

You can check your State Pension forecast online here to see how much you are likely to receive and when payments could begin. The service also shows whether you can boost your pension and the steps you could take to do so, including paying voluntary contributions to fill any gaps.

Further details are available in the guide  ‘Your new State Pension explained’, which outlines how the scheme works. Weekly payment amounts vary between individuals, and some people may need to take additional steps to qualify.