Tuesday 3 November 2015

Changes to the new State Pension

Changes to the State Pension

The new State Pension will be a regular payment from the government that you can claim if you reach State Pension age on or after 6 April 2016.
You’ll be able to get the new State Pension if you’re eligible and:
  • a man born on or after 6 April 1951
  • a woman born on or after 6 April 1953
How much you’ll get when you reach State Pension age will depend on your National Insurance record.

The full new State pension from April 2016 will be no less than £151.25 although the actual amount will be set in 2015. A person is “contracted out” of the additional State Pension if they are a member of a workplace pension scheme such as the LG pension scheme. Both the employee and their employer pay lower rate National Insurance contributions for the time they are contracted out. As a result, people who have been contracted out may have little or no Additional State Pension and your state pension could be lower than the new guaranteed figure.

To find out more go to https://www.gov.uk/yourstatepension

Find out how much State Pension you may get by getting a State Pension statement. Go to https://www.gov.uk/state-pension-statement
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