Home Finance State pension increase: Will my state pension increase in 2020? How much...

State pension increase: Will my state pension increase in 2020? How much by?

8
0


State pensions are due to increase later this year, with millions expected to be better off thanks to the government’s triple lock scheme. The triple lock system was first brought into effect in 2011 and ensures the basic state pension increases based on one of three amounts.

Your payment date is linked to your National Insurance number.

This means you will receive your first payment on the first allocated payday which follows your state pension age.

To receive the basic pension you must have a total of 30 qualifying years of National Insurance contributions or credits.

To be entitled to the new full State Pension, you will need to have made qualifying National Insurance contributions for 35 years.

Put simply this means you either were

  • working and paying National Insurance
  • getting National Insurance Credits, for example for unemployment, sickness or as a parent or carer
  • paying voluntary National Insurance contributions

To find out more about National Insurance contributions visit the Government’s website here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here