State Pension payments will be important to millions of people right across the UK, many of whom have left the workforce for retirement. To be eligible for a state pension payment, one must have reached an eligible age, and put forward a certain number of National Insurance contributions throughout their lifetime. However, the Government states: “You may get less than the new full state pension if you were contracted out before April 6, 2016.”
Those in receipt of a Category A or B ‘basic’ pension will see the rate rise from £134.25 to £137.60.
Category B (lower) basic pension recipients, who may be claiming under a spouse or civil partner’s insurance – will see their sum rise from £80.45 to £82.45.
Britons in a Category C or D, otherwise known as a non-contributory arrangement, will also see an increase from £80.45 to £82.45.
The state pension increases each year due to a policy known as the Triple Lock Mechanism.
As a result, many may wish to check their entitlement, and what they will receive in retirement.
To this end, the Government has developed a state pension forecast tool to help people better understand their entitlement.
The tool can be used to find out how much state pension a person could get, when they can get it, and, if possible, how to increase this.
The online service is the quickest way to do so, however, people will not be able to use this if already getting their state pension, or if they have deferred a claim for the sum.
Those who reach state pension age within 30 days have other ways to apply laid out by the Government.
These individuals can apply by filling in the BR19 application form for a forecast and sending this by post, or calling the Future Pension Centre.
However, those who are already getting their state pension may be able to gain further clarity about their entitlement also.
Those who live in the UK should contact the Pension Service for information, and individuals living abroad will need to reach out to the International Pension Centre.