Bumper State Pension Payments Set to Arrive in April But Not Everyone Will Benefit State pension payments are increasing for the first time in April but many older pensioners will miss out. Those on the basic state pension who were born before 1951 for men & 1953 for women will lose up to £2,932.80 each year starting Monday April 6.
The Department for Work & Pensions will give pensioners on the new rate an extra £575 but older retirees will not receive this increase. The full new state pension is going up from £230.25 per week to £241.30 per week which equals £966 a month.
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People on the old state pension will get up to £9614.80 in annual payments while those on the full new state pension will receive £12,547.60 over the year.
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You must have 10 qualifying years on your National Insurance record to receive any state pension. If your National Insurance record began after April 2016 you need 35 qualifying years to get the full new state pension rate.
If your National Insurance record started before April 2016 you will usually need more than 35 qualifying years to get the full new state pension rate if you were contracted out.
When you were contracted out either you or your employer paid more into your workplace or private pension and less into your state pension.
You will receive the full basic state pension if you paid or were credited with 30 years of National Insurance contributions. You may need more years of National Insurance contributions if you are a man born before 1945 or a woman born before 1950.
Your basic state pension will be lower if you have fewer than the required number of qualifying years of National Insurance. You might also get an additional state pension on top of the basic state pension.
If you contracted out of the additional state pension scheme at any point you will not qualify for the additional state pension for that period. This is because the National Insurance contributions that would have gone into the additional state pension went into your company scheme or personal pension instead.
