State Pension; what do i need to qualify?

The full Basic State Pension (BSP) is currently paid to anyone reaching state pension age who has 30 years of qualifying National Insurance contributions however, from April 2016, the requirements to qualify for the Basic State Pension will change.

An individual who has obtained 30 qualifying years of paying National Insurance contributions is currently able to receive the full BSP which today sees the individual receive £115.95 per week. An individual will usually need at least 10 qualifying years on their National Insurance Record to get any new State Pension.

From April 2016, an individual will need to have obtained 35 qualifying years of paying National Insurance contributions to qualify for the new pension of no less that £148.40 per week.

If an individual has had periods out of work then they may not have obtained a full 30 years of National Insurance contributions. This may have affected many who took time out of work to raise children however, it is possible to buy extra credits to make up the shortfall by completing a N138 which can be obtained from the Department for Work and Pensions (DWP).

An individual doesn’t automatically receive their Basic State Pension instead, they will need to apply. It is usually the case that approximately 4 months before reaching state pension age the individual will be contacted and informed how to claim.

To find out what you are entitled to, you can use the State Pension Calculator on the Government’s website or if you are within 30 days of reaching state retirement age then you can contact the Pensions Service.

If you would like further information about pensions or you’re looking for financial advice, why not get in touch using the form below and we will get back to you.

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