Find out what the state pension is, how you can qualify for it, and listen to the experiences that actual individuals have had when applying for the state pension.

Can you explain what the state pension is?

When you reach the age at which you are eligible to receive a state pension, the government will begin sending you a payment every week. This is known as the state pension.

The amount you receive is determined by a number of criteria, one of which being your past history of paying into the National Insurance system.

Watch our video to find out how pensioners are maximizing their benefits from the state pension:

Who is qualified to get a pension from the state?

You are required to make payments into the National Insurance system in order to be eligible for the state pension.

In order to receive any benefit at all, the minimum number of years of contributions required is ten. In order to qualify for the full amount of the state pension, you need to have made contributions for a minimum of 35 years.

Because your history contains some gaps, it’s possible that you don’t have the required number of qualifying years. These can be brought on by factors such as being unemployed, ill and unable to work, taking time off work to care for children, or residing in another country.

In the event that you do not have the required number of qualifying years, you have the option of making voluntary payments to make up the difference.

When am I eligible to start receiving my state pension?

At the moment, both men and women must be 66 years old before they are eligible to begin collecting a state pension.

It is projected to reach 67 by the year 2028, and 68 between the years 2037 and 2039.

How much of a pension do I get from the state?

Your personal circumstances and the date you first became eligible for the state pension will determine the amount of money you get.

In 2022-23, the basic state pension is set at a rate of 141.85 pounds per week. This pertains to individuals who attained the age requirement for the state pension prior to April 6th, 2016.

However, many people receive an amount that is greater than the basic state pension. This is because they have accrued an additional state pension, which is determined by the amount of money you earned over your working life.

A single-tier state pension was introduced in April 2016, replacing both the basic and extra levels of the state pension. In the fiscal year 2022-23, the maximum amount of this new state pension will be equal to £185.15 a week.

It is possible that you will receive more or less than this. If you have accrued some additional state pension, the amount that you receive will be increased.

It’s possible that you’ve been “contracted out” of receiving the supplementary state pension, sometimes known as opting out.

This meant that in exchange for a larger private pension, you forwent the opportunity to accumulate greater state pension in favour of accumulating a larger public pension.

It’s possible that you won’t receive the entire amount of the new state pension if you were contracted out for a significant amount of time.

What does it mean to have pension credit?

If you are over the state pension age and have a low income, you may be eligible for pension credit, which is a weekly benefit that offers you additional money to help with your living expenditures. Credit for savings and credit for guaranteed payments are also included.

The amount of your state pension that is increased to £182.60 per week thanks to guarantee credit brings the total value of your savings credit to £14.48 per person each week.

If you begin receiving benefits from the state pension after April 6, 2016, you will no longer be eligible to receive the savings credit component of the pension credit.

The child allowance and the pension from the state

You are eligible to receive child benefit payments up until the age of 12 for your youngest kid even if you want to forego paid employment so that you can focus on raising your young family.

During this time, you will be eligible to receive National Insurance credits, which will be applied toward your claim to a state pension.

You run the risk of accumulating an excessive amount of National Insurance Credits (NICs) if you are employed and also get child benefit.

You are able to pass these forward to your partner.