Newspaper article Evening Chronicle (Newcastle, England)

Your State Pension Will Be Changing in April; ADVERTISEMENT FEATURE

Newspaper article Evening Chronicle (Newcastle, England)

Your State Pension Will Be Changing in April; ADVERTISEMENT FEATURE

Article excerpt

THE state pension is a regular payment from the Government most of us can claim when we reach state pension age. It is part of the national insurance system.

On April 6, 2016, the new state pension will be introduced for women born on or after April 6, 1953, and men born on or after April 6, 1951.

The new state pension system will make state pensions less complicated in the future.

If you were born before these dates, you'll continue to receive your state pension under the current system, even if you defer claiming it.

State pension ages are also changing.

By 2018, women's state pension age will rise to 65, and by 2020 both men's and women's state pension age will have increased to 66. By 2028, both men's and women's state pension age will have increased to 67. You can check yours by searching for "state pension age calculator" on www.gov.uk.

How much state pension will I get? This will depend on your national insurance (NI) record so not everyone will get the same amount.

You'll normally need at least 10 qualifying years to get any new state pension. These can be from before or after April 6 2016, and don't have to be 10 years in a row.

For most people, each extra year added to their national insurance record from April 2016 will add 1/35th of PS155.65 (the 2016/17 rate) to their future new state pension, until they reach state pension age or the full rate.

No one who qualifies for the new state pension should get less than they would have received under the old system, based on their own contributions to April 2016.

What if you are or were in a contracted-out private pension scheme? If you are or were in a salary-related pension scheme at work (for example, "final salary" or "career average"), or you were in another type of pension scheme at work before April 2012, you are likely to have been "contracted-out" of the additional state pension (this is part of the current state pension system). …

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