Key pension facts

State Pension

Key pension facts
Types of pensions

The State Pension is the pension paid by the government when one reaches state pension age (currently set at 66 but due to increase to 68 over the next few decades). It is funded by National Insurance (NI) contributions.

A new State Pension came into effect on 06 April 2016*. To qualify for the new State Pension you need to make NI contributions or receive NI credits for at least 10 years and to obtain the full State Pension you will need 35 years of contributions or credits (assuming you started working after 06 April 2016). You pay NI contributions above the primary threshold but accumulate credits from the lower earnings limit.

The full amount of the State Pension is currently £175.20 per week, or roughly £9,100 per year.

*If you contributed to the NI system before the new State Pension was introduced on 06 April 2016 but are reaching State Pension age after that date, transitional arrangements are in place to ensure you are not worse off under the new State Pension.

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