Latest news with #CheckYourStatePension
Daily Mirror
28-05-2025
- Business
- Daily Mirror
DWP State Pension changes to help Brits receive 'higher' payments
The full new State Pension currently stands at £230.25 per week, which is around £11,973 for the 2025/26 financial year alone The UK Government has announced an upgrade to the 'Check Your State Pension' online service in a bid to help Brits get full State Pension payments when they retire. At present, the full new State Pension stands at £230.25 weekly, adding up to around £11,973 throughout the 2025/26 financial year. Qualification for the State Pension is linked to National Insurance Contributions (NICs), with a minimum of 10 years' worth to be eligible for any pension sum and about 35 years for the full rate. Extra years might be necessary if you were 'contracted out' - with in-depth information accessible on here. The Check Your State Pension forecast service enables anyone to make voluntary National Insurance contributions to bridge any gaps in their NIC history. Treasury minister James Murray says the planned amendments will improve the user experience. In a written statement to Parliament, the minister recently outlined a series of new simplified measures and updated guidance for the self-employed. It is also for those paying the High Income Child Benefit Charge, and anyone who wishes to maximise their State Pension by purchasing voluntary National Insurance Contributions. "The government also intends to further enhance the Check Your State Pension forecast service, which supports people who want to pay voluntary National Insurance contributions to fill gaps in their National Insurance record," the statement from April 28 reads. "These measures build on the government's announcement at Spring Statement 2025 that from Summer 2025, employed individuals who become liable to the High Income Child Benefit Charge (HICBC) will be able to opt to pay HICBC directly through PAYE, without the need to register for Self Assessment." The State Pension age will rise from 66 to 67 for both men and women between 2026 and 2028, with a subsequent increase to 68 expected to be implemented between 2044 and 2046, according to the Daily Record. This implies that people born between March 6, 1961, and April 5, 1977, will be able to start claiming their State Pension as soon as they reach the age of 67. However, a recent study by Just Group has highlighted a worrying trend. Over a third of retirees did not check their State Pension forecast before retiring, even though for 1.2 million households, the State Pension constitutes the primary source of income during retirement. The survey, which questioned more than 1,000 people either already retired or approaching retirement age, revealed that 38% had not looked at their pension forecast. This figure increased to 40% among those aged 55 to 64 who were yet to reach State Pension age, and 46% among early retirees. Among those who did examine their prospective State Pension income, about 17% found out that it would be at least £250 less per year than they had expected. On the flip side, 9% were pleasantly surprised to discover that their pension would be higher than anticipated by a similar margin. Commenting on the findings, Stephen Lowe, group communications director at Just Group, said: "It's easy to see why people may assume they'll simply get the full State Pension, but for many people this won't be the case. The last thing these households need when they come to retire is the nasty surprise that their State Pension is less than they thought. "The government offers a State Pension forecast service and we urge anyone approaching retirement to use it - ideally in advance of beginning to retire. It will tell you if you are likely to receive less State Pension than you thought and that will give you the opportunity to take steps to increase what you will actually receive." State Pension payments 2025/26 Full New State Pension Weekly payment: £230.25 Four-weekly payment: £921 Annual amount: £11,973 Full Basic State Pension Weekly payment: £176.45 Four-weekly payment: £705.80 Annual amount: £9,175
Daily Mirror
15-05-2025
- Business
- Daily Mirror
DWP update about letter going out about 2026 state pension change
Key changes to state pension eligibility are coming in from next year The DWP has released a statement about an important change to the state pension coming in from next year. Starting from April 2026, the age when you can claim your state pension will gradually increase from the current 66, up to 67. The retirement age will become 67 by April 2028. In light of the change, the DWP was asked if it had notified people soon to reach state pension age of the change. A DWP spokesperson said: "People reaching state pension age between April 6, 2026 and April 5, 2028 should have already received a letter from the DWP." The department said that people reaching state pension age between these dates would have been sent the letter between 2016 and 2018. The DWP also said: "People can use the Check Your State Pension tools on at any time to find out when they can claim state pension." The Government website has a state pension forecast tool you can use to check your state pension age as well as how much state pension you are on track to receive. Officials from the DWP are also seeking to notify people of the change in the state pension age through advertising campaigns and digital tools. Fiona Peake, personal finance expert at Ocean Finance, encouraged people to check their state pension age so they can be sure when they can claim their payments. She said it's worthwhile checking so that you don't suddenly find out you have to wait longer than expected. The expert said: "If you were expecting to get that money from a certain date and it turns out you won't, you could be left with a gap of hundreds or even thousands of pounds depending on how long you need to wait. This can hit particularly hard if you don't have much in private savings or if you've already started slowing down at work - you may have to dip into your savings sooner than planned or carry on working longer to cover everyday costs." The full new state pension is currently £230.25 a week, after payment rates increased 4.1% in April in line with the triple lock. You typically need 35 years full National Insurance contributions to get the full new amount. Matthew Parden, CEO of savings provider Marygold & Co., also spoke about the importance of checking your state pension age. He explained: "Understanding your state pension age allows you to assess whether there's likely to be a gap between leaving employment and receiving the state pension. "If so, it's essential to consider how you'll cover living costs in that period — whether through personal savings, private pensions, or other income. By checking early, people can make informed decisions and avoid financial surprises later on, particularly as retirement planning often involves long-term commitments and careful timing."
Daily Record
29-04-2025
- Business
- Daily Record
New UK Government plans to make maximising State Pension payments simpler
The UK Government has announced new plans to improve an online service to help more people receive full State Pension payments in retirement. The full new State Pension is now worth £230.25 per week, some £11,973 over the 2025/26 financial year. Payment rates are linked to National Insurance Contributions (NICs), you need at least 10 years' worth to qualify for any State Pension payment and around 35 years' for the full rate. However, this may be more if you were 'contracted out' - full details on this can be found on here . The Check Your State Pension forecast service supports people who want to pay voluntary National Insurance contributions to fill gaps in their National Insurance record and Treasury Minister James Murray has confirmed changes will improve the service. In a written statement to Parliament on Monday he outlined a series of new simplified measures and updated guidance for the self-employed, those paying the High Income Child Benefit Charge and people who want to maximise their State Pension by purchasing voluntary National Insurance Contributions. The State Pension age is set to rise from 66 to 67 for men and women between 2026 and 2028, with a further rise to 68 set to be phased in between 2044 and 2046. This means people born between March 6, 1961 and April 5, 1977 will be able to claim their State Pension as soon as they turn 67. Research from retirement specialist Just Group suggests more than a third of retirees did not check their State Pension forecast before they retired despite 1.2 million households relying on the State Pension as their primary source of income in retirement. The survey of more than 1,000 retired and semi-retired people aged over 55 found four in ten (38%) had not checked their forecast, rising to 40 per cent among those who had not yet reached State Pension Age (55-64 year olds) and 46 per cent for those who claimed to have retired earlier than they had expected. Among the two-thirds of retirees who checked their forecasted State Pension income, nearly a fifth (17%) said it was - at a minimum - £250 less per year than they were expecting. On the other hand, one-in-ten (9%) retirees said it was at least £250 more per year than they were expecting. Commenting on the findings, Stephen Lowe, group communications director at Just Group, said: 'It's easy to see why people may assume they'll simply get the full State Pension, but for many people this won't be the case. The last thing these households need when they come to retire is the nasty surprise that their State Pension is less than they thought. 'The government offers a State Pension forecast service and we urge anyone approaching retirement to use it - ideally in advance of beginning to retire. It will tell you if you are likely to receive less State Pension than you thought and that will give you the opportunity to take steps to increase what you will actually receive.' You can check your State Pension forecast online at here. Full New State Pension Full Basic State Pension The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases:
