We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
State Pension is available to people who have put forward years of valuable National Insurance contributions. The sum of money is particularly important to many retirees across the UK, as it is with this money they can reach retirement goals and cover the cost of living. State Pension is overseen by the Department for Work and Pensions (DWP) who is responsible for ensuring Britons receive the correct amount at the right time.
State Pension is split into two tiers dependent on when a person was born.
The basic or ‘old’ State Pension is available to men born before April 6, 1951 and women born before April 6, 1953.
And the full amount at present stands at £134.25 per week for those who are entitled.
The new State Pension, however, can be claimed by men born on or after April 6, 1951 and women born on or after April 6, 1953.
The full new State Pension sum is currently £175.20 per week.
Those entitled to the State Pension can expect to receive the money once every four weeks in a regular payment to assist them.
But the sum is entirely dependent on the amount of National Insurance contributions a person has made, with higher credits meaning Britons are more likely to receive the full State Pension sum.
If a person, for any reason, has gaps in their National Insurance record it could affect how much they ultimately receive in their retirement.
State Pension: This simple action could help Britons boost their sum [INSIGHT]
WASPI: Women urged to check their State Pension to avoid missing out [ANALYSIS]
Preparing for the new tax year? This is how Britons can get ahead [INTERVIEW]
It is for this reason that many Britons will be checking their entitlement ahead of time.
Having an understanding of a current entitlement allows people to see if there are any gaps, and take action to close these, or plan for their retirement accordingly.
Under the new State Pension rules to receive any amount whatsoever a person will need 10 years of NI contributions.
However, to receive the full amount, it is often the case that 35 years of contributions are required.
For those interested in their entitlement, the government has designed a useful tool that can be accessed easily.
The government website outlines the tool into which Britons can enter relevant information to understand their pension.
The tool describes how much State Pension an individual is currently entitled to, and when they can claim this sum.
There are even details concerning how Britons may be able to increase their entitlement before retirement.
This may involve purchasing National Insurance credits to close any gaps in a record.
However, there are certain people who will not be able to use the tool, so it is important to stay alert.
People who have already deferred the pension or those who are currently claiming will not be able to use the service.
Instead, these individuals should reach out to the Pension Service who will be able to provide further insight into how much a person is receiving or will get.
There are also other ways to apply outlined by the government.
The website explains: “If you’ll reach your State Pension age in more than 30 days, you can get a pension forecast by filling in the BR19 application form and sending it in the post.”
However, due to the impacts of COVID-19, it may take longer than usual for Britons to receive their forecast by mail.
The online service, therefore, is outlined as the quickest and easiest way to understand a State Pension entitlement.
Source: Read Full Article