The new State Pension
This is being paid to people who reach State Pension Age on or after 6 April 2016 and replaced the previous State Pension scheme for them. Anyone who reached State Pension Age prior to 6 April 2016 will continue to receive their state pension based on the previous system.
How much you can get?
The full new State Pension (sometimes known as the “Single Tier pension”) is £175.20 per week for 2020/21 for anyone who has paid or been credited with National Insurance Contributions for at least 35 years of their working life. To put this into perspective, if you currently earn £20,000 a year your weekly income is £384.60 so the Single Tier pension would make up around 45% of your current income.
For anyone who paid National Insurance Contributions prior to April 2016 transitional arrangements may result in an adjustment being made to this amount to reflect state pension built up under the old system.
If you have questions relating to State pensions, wish to find out your State Pension age or check your State Pension visit the GOV.UK website.