The new full state pension applies to men born on or after April 6, 1951, and to women born on or after April 6, 1953.
If you have been paying National Insurance Contributions (NICs) for at least ten years, you are entitled to a full state pension.
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For many UK retirees, the state pension is the main source of income.
The full amount of the state pension is increased each April to offset inflation. Photo: Gustavo Fring / Pexels / Canva Pro.
How the state pension is increased and how to apply.
What is the state pension for 2021?
The state pension amount for the 2021/22 tax year is £ 179.60 per week.
This is the full state pension amount based on at least 35 “qualifying years” of NICs.
That works out to £ 9,339.20 per year.
What is the statutory pension increase in 2022?
The state pensions are protected by the “double lock”, which means that the amount is increased each April according to either the September inflation rate or a minimum guarantee of 2.5%, whichever is higher.
In April 2022, the ONS confirmed that the state pension will be increased by 3.1% for the tax year 2022/23.
This will represent an increase of up to £ 288.60 for the year, to a total of £ 9,627.80.
The full state pension is £ 185.15 per week as of April 2022, down from £ 179.60.
For those who reached the statutory retirement age before April 2016 and are therefore receiving the basic pension, the weekly payments increase from £ 137.60 to £ 141.85.
This equates to an increase of £ 221 per year, with total income increasing to as much as £ 7376.20.
How do I apply for my state pension?
If you are eligible for the state pension by paying NICs for at least ten years, you must apply for your state pension.
You should automatically receive a letter from the government four months before you reach retirement age telling you what to do.
If you haven’t heard anything up to three months before, the best thing to do is to call 0800 731 7898.
You can also defer your state pension if you do not want to claim it immediately.
If you defer, your new state pension will increase by 1% for every nine weeks that you defer, which is 5.8% per year.
There is no limit to how long you can put off.
Statutory retirement age: From this point in time you can claim benefits if the age limit is increased …
At what age do women start receiving a statutory pension?
Women born on or after April 6, 1953 are entitled to their state pension.
This means that the statutory retirement age for women is 68 years.
The lower retirement age is due to the fact that women tend to earn less than men and, according to the ONS, earn around 16% less than men on average.
This is mainly due to the fact that women are more likely than men to be self-employed or work part-time.