The full New State Pension payment is £221.20 each week
The Department for Work and Pensions has released the latest statistics showing that nearly 12.7 million older people across the country are currently receiving a regular financial income from the State Pension. This benefit is available to those who have reached the UK Government's eligible retirement age of 66 for both men and women and have made at least 10 years' worth of National Insurance contributions.
While workplace and private pensions can supplement the State Pension in retirement, many people might be depending solely on this contributory benefit as their only income during their retirement years. Therefore, it's vital to understand how many years of NI contributions are needed to secure the maximum payout.
How to qualify for any New State Pension payment To be eligible for any State Pension, you'll need at least 10 qualifying years on your National Insurance record, but these don't have to be consecutive.Even if you've lived or worked overseas, you might still be able to receive some New State Pension.
For those who have contributed between 10 and 35 years, they are eligible for a portion of the new State Pension, but not the full amount unless they purchase additional NI years. Qualifying years if you're not employed You may receive National Insurance credits if you're unable to work - for instance due to illness or disability, or if you're a carer or unemployed.If you're not employed or receiving National Insurance credits You might have the option to make voluntary National Insurance contributions if you're not in one of these groups but wish to increase your State Pension amount. Find out more on the GOV.UK website here.
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