Whether you have reached retirement age or not there are things everyone can check to maximise their payments from the DWP
People retiring this year could be due a bumper State Pension after weekly payments increased by 10.1 per cent in April as part of the annual benefits uprating. The latest figures from the Department for Work and Pensions show there are now 12.6million people across Great Britain receiving State Pension payments, including 1.1million living abroad and 992,052 in Scotland.
But there are several things everyone can check now to ensure they maximise State Pension payments - even if they have already reached retirement age. Ms Morrissey explained: “There are things you can do to plug the gaps, including checking to see if you were entitled to claim a benefit which comes with a National Insurance credit during that time, and seeing if you can backdate a claim.
State Pension payment rates 2023/24 To get the full New State Pension you need around 35 years’ worth of NI contributions and to receive any payment from it at all, you need at least 10 years. Payments increased on April 10, however, the first payment after this date will contain a mix of old and new pay rates - full payments with the new rates should start in May.
Each year bought you get 1/35th of a year’s state pension – around £300. This means you effectively earn your money back in around three years so it can prove very good value. Sign up to our Record Money newsletter and get the top stories sent to your inbox daily from Monday to Friday, including a special cost of living edition on a Thursday - sign up here.Claim Child Benefit Women in particular miss out on valuable State Pension credits when they are at home looking after children. However, if they claim Child Benefit, they will receive National Insurance credits that count towards their State Pension.
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