3 hours Ago By The Telegraph
Those who are eligible to receive the UK state pension can begin claiming their payments when they reach 66. Thanks to the “triple lock” policy, millions of pensioners receive pay rises each year, with more than £470 set to be added next year. However, what you get can vary depending on when you retired, how many “qualifying years” of National Insurance contributions (NICs) you’ve made, and whether you “contracted out” while you were working.
Here, Telegraph Money explains how much pensioners will get from the state pension this year, and how to claim it, covering the following: What is the state pension? The state pension is a regular government payment to support people throughout their retirement. It can only be claimed when you reach state pension age, which is currently 66 for men and women. However, this will start to gradually increase to 67 from 2026.
You also need to have enough qualifying years of National Insurance contributions . How much will the state pension increase in 2025? Retirees who receive the full new state pension will see their payments rise to £230.25 a week, or £11,973 a year, for 2025-26.
This is for those who reached state pension age after April 2016 and have the full 35 qualifying years of National Insurance contributions. The full basic state pension, paid to those who reached state pension age before April 2016, will rise to £176.45 a week, or £9,175 a year.
What is the full state pension for 2024-25? Until April, retirees will continue to receive their state pension at the current rate. Those who receive the full new state pension get £221.20 a week, or £11,502.
40 a year, for 2024-25. This increased from £221.20, or £10,600.
20, last year. Those on the basic state pension receive £169.50 a week, or £8,814 a year, up from £156.
20 and £8,122 in 2023-24. The table below shows how the triple lock has seen state pension payments increase since 2011-12. How to claim the state pension State pension payments do not start automatically when you reach state pension age, and must be claimed.
However, you should automatically receive a letter inviting you to begin claiming, which will include an “invitation code”. Once you have this, you can claim in these ways:.
