Tuesday, March 2, 2021
  • Contact
Pension Changes
  • Government Policy
  • Pension Changes
  • Pension Information
  • Pension Rights
  • Retirement Pension
No Result
View All Result
Pension Changes
Home Pension Changes

State Pension 2020: All the changes coming into force next month explained

April 23, 2020
in Pension Changes
State Pension 2020: All the changes coming into force next month explained
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Related posts

Freeports, green recovery and levelling up: What North West business leaders want from Budget 2021

Freeports, green recovery and levelling up: What North West business leaders want from Budget 2021

March 2, 2021
Teachers at Wycliffe College in Stroud to strike over pensions

Teachers at Wycliffe College in Stroud to strike over pensions

March 2, 2021

Millions of people will see their State Pensions change next month in an annual shake-up to the system.

It’s never too early to start planning ahead for retirement, and with alterations on the way in a couple of weeks, it’s key to know what to expect.

One of the main changes will be regarding the State Pension age, with the UK government currently in the process of increasing it from 66 to 68 in the coming years, reports the Daily Record.

The State Pension age is the earliest age Brits can start receiving their State Pension, which may be different to the age people can get a workplace or personal pension.

Other upcoming changes involve National Insurance payments, with a minimum of 10 years National Insurance contributions needed to receive any amount of State Pension.

State Pensions are also set to increase by 3.9 per cent –  the biggest boost since 2012.

(Image: pension)

State Pensions can be claimed when a person reaches their official State Pension age and depends on a person’s gender and date of birth but generally, people will be able to receive their State Pension from 65.

State Pensions are paid directly into a claimant’s bank account once they reach the qualifying State Pensions age. The payments are an essential lifeline for many, topping up retirement funds.

What are the State Pension changes next month?

From May 6, 2020, anyone who was born between July 6, 1954 and August 5, 1954 will reach State Pension age.

Since December 2018, the State Pension age for both men and women has been rising and in October this year, the age for claimants to receive State Pension will be 66.

Then, under the Pensions Act 2014, the State Pension age for men and women will rise to 67 between 2026 and 2028.

Some people have started to ask if their State Pension is safe due to the ongoing coronavirus pandemic, however, the State Pension is unaffected and will continue to be paid as normal.

Read More
Related Articles
Read More
Related Articles

What age will I get my State Pension?

The earliest you can get a State Pension is when you reach State Pension age.

You are eligible for the BASIC State Pension if you were born before:

     

  • April 6 1951, if you’re a man
  •  

  • April 6 1953, if you’re a woman
  •  

You are eligible for the NEW State Pension if you were born on or after:

     

  • April 6 1951, if you’re a man 
  •  

  • April 6 1953, if you’re a woman
  •  

Video Loading

Video Unavailable

Click to play
Tap to play

The video will start in8Cancel

Play now

The new State Pension will be paid into the claimant’s bank account every four weeks.

The actual amount people will receive depends on their National Insurance records. A minimum of 10 years of contributions will be needed to receive any amount and this will increase if the claimant has more years accumulated.

There is a “full” amount under the new State Pension rules which states that if a person has 35 years of National Insurance contributions, their payment could be as high as £175.20 per week.

This equates to just over £9,000 a year which will be paid in monthly instalments.

You don’t have to receive State Pension when you reach state pension age, you can defer payment – this could increase the amount you get when you decide to claim it. However, any extra payments you get could then be taxed.

You do not get your State Pension automatically, it has to be claimed, you can do this:

     

  • Over the phone
  •  

  • Download the State Pension claim form and send it to your local pension centre
  •  

  • Claim from abroad – there are different rules for this which you can find  here
  •  

Check your State Pension to calculate how much money you’ll get on the  gov.uk website here.

-- to www.walesonline.co.uk

Previous Post

Murphy blasts McConnell for suggesting state bankruptcies

Next Post

COVID-19: Pensions regulator guidance for employers – consultation and furlough

Next Post
EU Court to Consider if an Irish Pension can be Exempted from a UK Bankruptcy Estate

COVID-19: Pensions regulator guidance for employers - consultation and furlough

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

New Dutch pension contract could fall foul of European law, says lawyer | News

New Dutch pension contract could fall foul of European law, says lawyer | News

6 months ago
Rail sector pension fund warns of £15bn finance hole under new rules

Rail sector pension fund warns of £15bn finance hole under new rules

6 months ago
Are public pensions doomed because of the coronavirus pandemic? State, local budgets feel pain – News – Cambridge Chronicle – Cambridge, IL

Are public pensions doomed because of the coronavirus pandemic? State, local budgets feel pain – News – Montevideo American-News

9 months ago
French government to push through divisive pension changes

French government to push through divisive pension changes

12 months ago

FOLLOW US

  • 81 Followers
  • 27.6k Followers

BROWSE BY CATEGORIES

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

BROWSE BY TOPICS

2021 2021 Pensions bbc news CCP retirement check my state pension civil service pension reform Disabled pensions drawdown government policy examples uk how much is state pension lic pension plans Minutes of Meeting new state pension PAB Meeting Minutes PAB Minutes Pension age pension changes announced today pension issues pension meaning pension ombudsman pension plan pension reform definition Pensions Advisory Service Pensions Brexit pension scheme uk Pensions outlook retirement 2 million retirement pension sbi life saral pension plan calculator scams scheme funding Single mothers pensions State Pension State Pension age state pension changes state pension forecast State Pensions State triple lock the pensions regulator Therese Coffey uk pension age uk pension for eu citizens after brexit UK State Pension uk state pension age uk state pension calculator

POPULAR NEWS

  • Multiemployer pension reform not happening this year

    Multiemployer pension reform not happening this year

    5 shares
    Share 0 Tweet 0
  • Exit payment cap: Implications for the LGPS

    0 shares
    Share 0 Tweet 0
  • Public Service Pensions Update | October 2020

    0 shares
    Share 0 Tweet 0
  • What is the average UK retirement income?

    0 shares
    Share 0 Tweet 0
  • NEST: More than a pension | Country Report

    0 shares
    Share 0 Tweet 0

Follow us on social media:

Recent News

  • Freeports, green recovery and levelling up: What North West business leaders want from Budget 2021
  • Capital Gains Tax: Rishi Sunak’s Budget may mean ‘stealth’ change to CGT | Personal Finance | Finance
  • Enfield Council slammed over £30m fossil fuel investments

Category

  • Government Pension Policy
  • Pension Changes
  • Pension Information
  • Pension Policy
  • Pension Rights
  • Retirement Pension
  • Uncategorized

Recent News

Freeports, green recovery and levelling up: What North West business leaders want from Budget 2021

Freeports, green recovery and levelling up: What North West business leaders want from Budget 2021

March 2, 2021
Capital Gains Tax: Rishi Sunak’s Budget may mean ‘stealth’ change to CGT | Personal Finance | Finance

Capital Gains Tax: Rishi Sunak’s Budget may mean ‘stealth’ change to CGT | Personal Finance | Finance

March 2, 2021
  • About
  • Advertise
  • Careers
  • Contact

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.

No Result
View All Result
  • Contact

© 2020 Please contact us on partnership@pensionchanges.co.uk if you would like to reach our audience.