State Pensions
What is the New State Pension?
For anyone reaching state pension age (SPA) on or after 6 April 2016, the complex state pension system for people who attained SPA before that date has been replaced by a simpler, single-tier state pension, called the New State Pension.
The full rate of the New State Pension in tax year 2022/23 is £185.15 a week but under the new system an individual with no National Insurance record before 6 April 2016 will need to have paid (or been credited) with 35 qualifying years of National Insurance contributions (NICs) to get the full weekly rate. And, whilst they will also need at least 10 qualifying years to receive any New State Pension at all, anyone with between 10 and 35 qualifying years will have their New State Pension proportionately reduced.
Whilst, however, (and especially if they were previously contracted-out of the old additional state pension) some people who started their working life and who therefore already had a NI contribution record before 6 April 2016 may need to pay (or be credited) with more than 35 qualifying years in order to receive the full New State Pension anyone in this position who is unsure about whether they are forecast to receive the full New State Pension can obtain a State Pension Forecast either on-line via the Government Gateway Service or by completing DWP form BR19. Click here for more information - Application for a State Pension forecast
What is the minimum age at which I can take my pension?
Following the equalisation of the state pension age (SPA) at 65 for both men and women in November 2018, based on current legislation the SPA for both men and women will then increase:
- From 65 to 66 between December 2018 and October 2020
- From 66 to 67 between April 2026 and April 2028; then
- From 67 to 68 between April 2044 and April 2046
It should also be noted, however, that whilst the increase from 67 to 68 is currently scheduled to be phased in between April 2044 and April 2046, the Government has, on more than one occasion, indicated that this could be brought forward and the latest review in July 2017 proposes that this should instead be phased in between 2037 and 2039.
And, unless you have a low protected pension age or can retire earlier on the grounds of ill health, the normal minimum pension age from which you can currently take benefits from a registered pension scheme is 55. This will increase to 57 from April 2028 and is expected to increase in line with the state pension age from then on.
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