UK State Pensions
The State Pension is a government-sponsored pension.
The amount of basic State Pension you will receive when you reach State Pension age depends on the number of years you have paid (or have been treated by the Revenue) as paying NI contributions.
These are called your 'qualifying years'. In some cases, you can be credited with NI contributions when not able to undertake paid employment.
If you are male, you require 44 qualifying years to get their full State Pension. Females need 39 qualifying years assuming they are 60 before 2010. This will gradually rise to be the same as for men by the year 2020.
You may also be entitled to an additional amount of State Pension - this will depend upon your individual financial circumstances. Obviously, additional State Pension is paid on top of the basic State Pension and is aimed at low to moderate earners, as well as specific carers and those with long-term disabilities or illnesses. (Any SERPS entitlement already built up will be protected both for those who have already retired and for those who have not yet reached state pension age.)
Pension Credit
Pension Credits are special entitlements for those aged over 60. The government guarantees them an income of at least:
- £109.45 per week for single people; or
- £167.05 per week for those who are married or with a partner.
The government also rewards people of retirement age for personal saving prior to their retirement. There used to be no difference in amounts given to those who have saved and those who have not. Now the government pays up to:
- £16.44 per week for single people; or
- £21.51 per week for those who are married or with a partner.
The person who applies for Pension Credit must be 60 or above; it doesn't matter what their partner's age is. See more about State Pensions on the government site at www.pensions.gov.uk.
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