Excited about the UK State Pension? When will you get this amount? How much is the State Pension? What is the State Pension for married couples?
Before we go into that, here’s what you need to know about the State Pension. This is the money the government gives to people of retirement age provided they have paid at least 10 years of National Insurance (NI) contributions. The contributions don’t need to be consecutive.
To get the full State Pension, 35 years of NI contributions are required. This is given every four weeks when you reach the State Pension age until death.
If you have never worked and never made any NI contributions, you may still get a State Pension if you have received certain benefits like a carer’s allowance or Universal Credit. Carers are adults or children who care for a sick or disabled family member, partner, or friend as well as those with mental health problems or an addiction.
There are two types of State Pension: the Basic and the New State Pension. Men who were born before April 6, 1951, and women born before April 6, 1953, are eligible for the Basic State Pension. The New State Pension, on the other hand, is available to men born on or after April 6, 1951, and women born on or after April 6, 1953.
What if you’re married? How much is the State Pension for a married couple? There is no special State Pension for couples. What each person will get depends on the age and the contributions that person has made through the years.
For the 2021/2022 tax year, a single person will get £137.60 a week in basic State Pension. That is if that person has made the full NI contributions.
For couples who are married or in a civil partnership with full contributions, they will get double this amount or £275.20.
For the new State Pension, the full rate for the 2021/2022 tax year is £179.60 per week. Couples who have completed the full 35 qualifying years will get double this amount or £359.20. Of course, with fewer contributions, the amount will be less.
If you don’t claim your State Pension by the time you are eligible, this increases by almost 5.8% yearly.
From November 2018, the State Pension ages of men and women were both 65. However, this is expected to rise in the coming years for both men and women to 66, 67 or 68.
While the State Pension can be a good source of income during retirement, it may not be enough for some people. That’s why it’s always best to save money for a rainy day while you’re working.
If you need help regarding the UK State Pension, the friendly lawyers of Deo Volente (DV) Solicitors in Bedford, UK, can help. Consult us today to determine your eligibility and how much you will receive. We will give you an honest appraisal.
For more information, visit Best Solicitors & Lawyers in Bedford UK - DV Solicitors, call 01234 350 244, or email info@dvsolicitors.com.