Uk news If you want full State Pension payment this is how many years you need to work MetiNews.Com

MetiNews.Com - How much State Pension payment you receive is based on your National Insurance contributions

Uk news If you want full State Pension payment this is how many years you need to work MetiNews.Com

MetiNews.Com - How much State Pension payment you receive is based on your National Insurance contributions

Uk news  If you want full State Pension payment this is how many years you need to work MetiNews.Com
16 September 2020 - 05:48

Breaking News ! It's Pension Awareness Week and new research from money.co.uk reveals that over two million working Brits don’t think they will ever be able to afford to retire. The poll of workers from across the UK also found that a further 3.5million felt they would be working until they were at least 71 - including 17 per cent of people in Edinburgh. In addition, 80 per cent said they were not banking on claiming a State Pension and had taken out personal pensions to be able to afford to live once they eventually stopped working. The amount of State Pension people will receive depends on how long they have been making National Insurance (NI) contributions towards it. The current qualifying age for State Pension depends on when you were born. You'll be able to claim the new State Pension if you are: a man born on or after 6 April 1951 a woman born on or after 6 April 1953 You'll be able to claim the basic State Pension if you are: a man born before 6 April 1951 a woman born before 6 April 1953 However, the UK Government is in the process of raising State Pension age, and from October 2020, everyone will reach State Pension age at 66. There are also plans to increase it to 68 in the coming years. But, how many years of NI contributions do you need to make in order to qualify for the full, ‘new’ State Pension? Read More Related Articles Lockdown easing in Scotland: Stay in the know with our newsletters Read More Related Articles Pension Awareness Day: Women who may be owed thousands of underpaid State Pension urged to contact DWP How many years of NI contributions do you need to receive any State Pension amount? You’ll need at least 10 qualifying years on your NI record to get any State Pension and they don’t have to be 10 qualifying years in a row. This means for 10 years at least one or more of the following applied to you: you were working and paid NI contributions you were getting NI credits for example if you were unemployed, ill, a parent or a carer you were paying voluntary NI contributions If you’ve lived or worked abroad you might still be able to get some new State Pension. You might also qualify if you’ve paid married women’s or widow’s reduced rate contributions - find out more about this on the Gov.uk website here.

. For people who have contributed between 10 and 35 years, they are entitled to a portion of the new State Pension. Over two million working Brits don’t think they will ever be able to afford to retire (Image: iStockphoto) Qualifying years if you’re working When you’re working you pay NI and get a qualifying year if: you’re employed and earning over £183 a week from one employer you’re self-employed and paying NI contributions You might not pay NI contributions because you’re earning less than £183 a week. You may still get a qualifying year if you earn between £120 and £183 a week from one employer. Qualifying years if you’re not working You may get NI credits if you cannot work - for example because of illness or disability, or if you’re a carer or you’re unemployed. You can get NI credits if you: claim Child Benefit for a child under 12 (or under 16 before 2010) get Jobseeker’s Allowance or Employment and Support Allowance get Carer’s Allowance If you’re not working or getting NI credits You might be able to pay voluntary NI contributions if you’re not in one of these groups but want to increase your State Pension amount. Find out more on the Gov.uk website here. What if there are gaps in your NI record? You can have gaps in your NI record and still get the full new State Pension. You can get a State Pension statement which will tell you how much State Pension you may get. You can then apply for a NI statement from HM Revenue and Customs (HMRC) to check if your record has gaps. If you have gaps in your NI record that would prevent you from getting the full new State Pension, you may be able to: get NI credits make voluntary NI contributions Check your National Insurance record here. Check your State Pension age Check your State Pension age using the free Gov.uk online tool here. This will tell you : when you’ll reach State Pension age your Pension Credit qualifying age Latest Pensions News Thousands of women underpaid pension How to check your pension forecast Top tips for retirement success How to claim State Pension abroad

Source = MetiNews.Com

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Uk news If you want full State Pension payment this is how many years you need to work MetiNews.Com


Uk news If you want full State Pension payment this is how many years you need to work MetiNews.Com


Uk news If you want full State Pension payment this is how many years you need to work MetiNews.Com


Uk news If you want full State Pension payment this is how many years you need to work MetiNews.Com

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