State Pension

Question 1

When can you claim the New State Pension

Answer 1

With min 10 years NIC

Max 30 years to get max benefit

Reach State Pension After 5th April 2016

Man: born on or after 6th April 1951

Woman: born on or after 6th April 1953

Question 2

What happens if I claim State Pension and carry on working ?

Answer 2

Your earnings will not affect your State Pension benefit

State Pension is paid gross but taxable

At SPA you stop paying NIC

Question 3

What State Pension will someone get?

Answer 3

Basic SP is £125.95 wk

Based on 30 years of NIC

If less then 1/30 x years of contributions

May also get a additional SP; based on Earnings and what benefits have been claimed

Question 4

How can you increase your State Pension

Answer 4

1. Make additional contributions Class 3A
2. Using your Partner’s NI record of former spouse or Civil Partner
3. Deferring the State Pension by 1 year