The New State Pension is the newer rate for state pensioners, born after 1951 or 1953 but who are still of state pension age.
07:29, 08 Apr 2025Updated 07:30, 08 Apr 2025
The New State Pension is the newer rate for state pensioners, born after 1951 or 1953 but who are still of state pension age.
As many as HALF of retirees are not receiving the Full State Pension. The New State Pension is the newer rate for state pensioners, born after 1951 or 1953 but who are still of state pension age.
It’s estimated that about half of pensioners are not receiving the full new state pension of £230.25 per week. You will need 10 qualifying years on your National Insurance record to get any new State Pension.
A qualifying year is one in which you were working and paid National Insurance contributions, getting National Insurance credits, for example if you were unemployed, ill or a parent or carer, and paying voluntary National Insurance contributions.
READ MORE All the dates in April UK faces snow as 23C temperatures drop massively
You might also qualify if you’ve lived or worked abroad or paid reduced rate National Insurance contributions. The qualifying years on your National Insurance record affects how much State Pension you get.
Tom Selby, from AJ Bell, said: “Those reaching the state pension age after April 2016 should be entitled to receive the single state pension, which is worth a maximum of £230.25 per week in 2025/26. The benefit increases each year by the highest of average earnings growth, inflation, or 2.5 per cent—the so-called triple lock.
“To get the full state pension, you need a 35-year NI record, while you need a 10-year record to qualify for any state pension at all. For every year missing from your NI record, a deduction will be made from your entitlement. For now, the state pension age is 66, but it will rise to 67 by April 2028 and then to 68 in the mid-2040s.”
Mr Selby said: “Paying voluntary NI contributions can be a good way of boosting your later life income, although you need to make sure it is worthwhile doing so. The first thing to consider is whether you are likely to naturally build up a 35-year NI record through work. It is also important to check that you cannot boost your state pension entitlement for free before paying voluntary NI.
“For instance, if you cared for young children or elderly relatives during your time out of employment, you could be entitled to NI credits. Before paying voluntary NI, you must ensure doing so will not impact your other benefit entitlements. For example, increasing your state pension could mean you are no longer eligible for pension credit or the winter fuel payment.
“You have taken a positive step by checking your state pension forecast. Given this is below the full state pension, it is possible that paying voluntary NI would increase your state pension.”
Mr Selby said: “If there are, and you are sure there are not other ways to increase your entitlement (such as naturally through work or those mentioned in the previous paragraph), paying voluntary NI could be beneficial.
“You should also contact the Future Pension Centre, who should be able to tell you if paying voluntary NI would increase your state pension.”