Saturday, January 16, 2021
  • About
  • Advertise
  • Careers
  • Contact
Pension Changes
  • Home
  • Government Policy
  • Pension Changes
  • Pension Information
  • Pension Rights
  • Retirement Pension
No Result
View All Result
Pension Changes
Home Pension Changes

State Pensions change in a couple of weeks – what you should know

April 21, 2020
in Pension Changes
State Pensions change in a couple of weeks – what you should know
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related posts

State pension changes to give hundreds of thousands huge boost in retirement savings | Personal Finance | Finance

State pension changes to give hundreds of thousands huge boost in retirement savings | Personal Finance | Finance

January 14, 2021
Biden touts gender parity and diversity of his Cabinet

Biden touts gender parity and diversity of his Cabinet

January 12, 2021

Planning for your retirement can never start too early and with changes on the way to the State Pension age it’s important for everyone to understand how this will affect them.

Your State Pension age is the earliest age you can start receiving your State Pension and may be different to the age you can get a workplace or personal pension.

It 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.

However, the UK Government is in the process of raising State Pension ages to 66 and there are plans to increase it to 68 in the coming years.

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.

In April 2020, State Pensions increased by 3.9 per cent –  the biggest boost since 2012.

Read More

Coronavirus in Scotland

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.

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

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.

The day you get paid is determined by the last two digits of your National Insurance number
Read More
Related Articles

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.

Whether you’re already a budgeting pro or are just looking for some money saving tips, join our Money Saving Scotland Facebook group here.

Discover the best shopping bargains and deals, the latest news on benefits, bursaries and grants, and learn from other members about their best money saving advice.

-- to www.dailyrecord.co.uk

Previous Post

Women’s state pension changes drive record winter employment levels

Next Post

What’s it like to be elderly in Georgia?

Next Post
What’s it like to be elderly in Georgia?

What’s it like to be elderly in Georgia?

Leave a Reply Cancel reply

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

RECOMMENDED NEWS

Will the Palestinian Authority erupt over sovereignty in the Jordan Valley?

Will the Palestinian Authority erupt over sovereignty in the Jordan Valley?

7 months ago

Women hit by pension age changes to appeal against court ruling | Business

10 months ago
I’m terminally ill at 60 so will my state pension just be lost?

I’m terminally ill at 60 so will my state pension just be lost?

9 months ago
‘Don’t ditch your pension for short-term hardship help’ says former minister

‘Don’t ditch your pension for short-term hardship help’ says former minister

9 months ago

FOLLOW US

  • 79 Followers
  • 27.6k Followers
  • 40.7k Subscribers

BROWSE BY CATEGORIES

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

BROWSE BY TOPICS

2021 2021 Pensions auto-enrolment age 18 auto enrolment pension contributions 2021/22 auto enrolment rates 2020/21 auto enrolment rates 2021/22 cashing in pension at 55 cashing in pension calculator cashing in small pension pots CCP retirement check my state pension Disabled pensions drawdown employer pension contributions 2021/22 government policy examples uk list of government policies uk minimum pension contributions 2021 minimum pension contributions 2022 new state pension Pension age pension issues pension ombudsman pension plan pension regulator Pensions Advisory Service Pensions Brexit pension scheme uk Pensions outlook retirement 2 million scams scheme funding Single mothers pensions State Pension State Pension age state pension changes state pension forecast State Pensions State triple lock taking pension at 55 the pensions regulator Therese Coffey uk pension age UK State Pension uk state pension age what is government policy uk

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
  • NEST: More than a pension | Country Report

    0 shares
    Share 0 Tweet 0
  • Builders were not self-employed, rules employment tribunal

    0 shares
    Share 0 Tweet 0

Follow us on social media:

Recent News

  • Law, Practice and Precedents (8th Edition)
  • State pension payments can be received while working – will more tax need to be paid?
  • What is the average UK retirement income?

Category

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

Recent News

Law, Practice and Precedents (8th Edition)

Law, Practice and Precedents (8th Edition)

January 15, 2021

State pension payments can be received while working – will more tax need to be paid?

January 15, 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
  • Home

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