The State Pension is the income that is regularly paid by the government of UK to people who have attained the State Pension age. This payment is intended to guarantee everyone a better foundation for their retirement remunerations so that they can get support during their old age. The pensions are funded by the National Insurance (NI) contributions.

When to receive the State Pension. 

You will start receiving the State Pension when you attain the State Pension age. You should, however, note that this age is different from the retirement age. Currently, the State Pension age is 65 for men while it`s about 63 for women, but it is expected to equalize. The age currently depends on the period you were born and whether you are female or male. The government is able to work out your correct State Pension age.

How much you can expect to get. 

There is a flat rate State Pension rule that applies to men who were born 6 April 1951 or later and women born on 6 April 1953 or later. Under the current State Pension rules, one can receive a maximum state pension of £164.35 a week as opposed to the earlier £159.55 a week. This amount depends on the National Insurance (NI) record you have.

For you to qualify for the maximum State Pension amount, you must reach 35 qualifying years of the National Insurance Contributions (NICs). For any other State Pension, you must have 10 years worth of the NICs. To earn a qualifying year, you must have worked and earned a minimum amount of cash during that year and paid the required NI contributions.

What is triple lock pension? 

According to the new State Pension, there is a statutory demand to up-rate at least in a row with earnings for the new State Pension and basic State Pensions. Therefore, the triple lock pension comes as a government commitment to uprate by the maximum earnings, prices or 2.5%.

What is the old State Pension amount? 

If you reached the State retirement age before date 6 April 2016, you will be entitled to the older State Pension. The complete basic State Pension according to the old system stands at £125.95 in 2018/19 tax year. You will need 30 qualifying years of credits or the National Insurance contributions to qualify for this money. Anything below that will earn you less than the full amount per week.

You may also be eligible for Additional State Pension – unless you contract out of it. The Additional State Pension is the extra amount in addition to your basic State Pension, as well as the amount you receive depending on your NICs, earnings and whether you have claimed benefits.

How to claim the State Pension? 

The Pension Service sends letters to those who are supposed to receive the pension. A few months before you qualify for the pension, you will receive a letter with all the instructions on how you can postpone or claim your State Pension. You can claim the State Pension by registering online with the Government Gateway through the pensions website and Department for Work. You can also claim through the government’s claim line.