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New State Pension - AH - Accountants

New State Pension

By September 26, 2019 No Comments

Any person eligible to claim New State Pension if;

  • A man born on or after 6-April-1951
  • A woman born before 6-April-1953

If the person reached state pension age before 6-April-2016 then he/she received State Pension under the old rules means Basic State Pension.

National Insurance Record:

Person must have to qualify 10 years of National Insurance record to get any State Pension. These 10 years do not have to be complete in a row.

In 10 years at least one or more of the following applied to you;

  • Working and paid National Insurance Contributions
  • Paid Voluntary National Insurance Contributions
  • Getting National Insurance Credit for seeking employment(unemployment), sickness, Parent or carer

If you live Abroad or working in Abroad you still might be able to get some New State Pension

Working After State Pension Age:

You do not have to stop working if you reached State Pension age and do not have to Contribute in National Insurance.

Amount of New State Pension:

The Amount you get in full of New State Pension is £168.6/week

The Actual Amount you get in New State Pension is Depends on your National Insurance Record

The Following reason by which your New State Pension increased;

  • Certain Amount of Additional State Pension
  • Defer(delay) in taking your State Pension

Note: You have to pay Tax on your State Pension

How It is Paid:

After your claim you’ve get a letter about your payment of State Pension

The New State Pension is paid every Four week. You’re paid in Arears (for the last 4 weeks, not the coming 4 weeks)

First Payment: First payment made within 5-weeks of reaching State Pension age, after that you’ll get a full payment every 4-weeks

How to Claim:

You have to claim new state pension by yourself. You’ve received a letter before 2-months to reach state pension age.

There are 3-ways to claim New State Pension;

  • Online
  • Over the phone
  • Through the State Pension claim form and send it to your local Pension Centre

Annual Increase in New State Pension:

The New State Pension increased every year by the following;

  • Average percentage increase in Wages
  • Average percentage increase in prices as measured by CPI
  • 5% increase in the actual amount of State Pension

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