State pension: Check if you’ll get the full amount as some will miss out
BRITONS can find out online if they will get the full state pension or a reduced sum.
Retirement expert advises people to learn about state pensions
The amount of state pension Britons can get when they reach state pension age is based on their National Insurance record. The state pension age is currently 66 in the UK for both men and women.
To get any state pension, people usually need 10 qualifying years on their National Insurance record.
In order to qualify for the full new state pension, 35 years may be required.
These 35 years do not have to be consecutive, meaning people can have gaps in their record and still get the full state pension.
However, some people may still get less than the full amount if they were contracted out before April 6, 2016.
READ MORE: Benefits warnings: State pensioners could lose £358 a month if they fail to report to DWP
Some Britons could get more than the full new state pension if they would have had above a certain amount of ‘Additional’ state pension under the old rules.
There are various ways people can earn qualifying years on their National Insurance record.
Qualifying years through working
Britons who are working and pay National Insurance will get a qualifying year if they:
- Are employed and earning over £184 a week from one employer
- Are self-employed and paying National Insurance contributions
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National Insurance credits
People who are not working can also earn National Insurance qualifying years.
This can be done by claiming certain benefits with attached National Insurance credits.
The following benefits could allow someone to get National Insurance credits:
- Child Benefit for a child under 12 (or under 16 before 2010)
- Jobseeker’s Allowance
- Employment and Support Allowance
- Carer’s Allowance
- Voluntary contributions
Voluntary contributions
Some people may still have gaps in their record after adding up the years they have worked as well as their National Insurance credits.
In this case, if an individual still wishes to increase the amount of state pension they can get, they may be able to pay voluntary contributions.
Britons can check their National Insurance record online through the Government website.
This can tell them if there are any gaps in their record.
They can then decide if they would like to pay voluntary contributions.
The full new state pension is currently worth £179.60 per week.
This adds up to £9,339.20 for a full year.