The benefit is offered by the government as a result of a person contributing National Insurance payments throughout their working life. Payments are provided to pensioners who have worked in the United Kingdom for a number of years. To be entitled to the full basic State Pension, you will need to have worked for a total of 30 qualifying years.
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Currently, pensioners can expect to receive, at the most, £134.25 per week on the basic State Pension.
On the full new State Pension, claimants may be entitled to £175.20 per week.
This is a boost under the Conservatives’ triple lock mechanism, which sees the state pension rise each year by whichever amount is the highest: average earnings, the rate of inflation, or 2.5 percent.
This tax year, which commenced on April 6, saw the State Pension figure rise by 3.9 percent in line with average earnings across the UK.
However, aside from the alterations because of the new tax year, changes are also being made to the State Pension which could affect you.
The age at which a person becomes eligible to claim State Pension is due to change.
This means the benefit may be further off for some who are approaching their planned retirement.
While the standard age to receive the State Pension has usually been 65, the government is moving this to 66.
The move is taking place in increments, with those born between particular dates affected.
However, the latest change will take place next month on May 6, 2020.
Most recently, anyone born between June 6, 1954 and July 5, 1954 will see their state pension age immediately rise from 65 to 66.
The government also plans to raise the state pension age to 68 in the coming years, meaning swathes of people will be affected.
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State Pension is a benefit which is not usually automatically paid.
It is down to the retired person to activate their claim and receive the money to which they are entitled.
However, the government does send a courteous reminder to the retired person no later than two months before they qualify.
Although the state pension age changes at regular intervals, it is easy to keep track of when one qualifies.
The government has provided a tool by which older people can check their eligibility.
By entering date of birth and gender, the tool will state when a person becomes eligible to receive the state pension.
People may be able to increase the state pension they receive by taking a number of actions.
Retired people may be able to increase their state pension amount by delaying a claim on the pension.
And speaking to a financial adviser could also provide ways by which to increase a pension amount.
The government also provides financial support to those who are disabled, on a low income, or who need help with utility bills and rent.
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