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State Pension

January 20th, 2012    •  by admin    •   Comments Off

You can get a basic State Pension by building up enough National Insurance contribution qualifying years before State Pension age. In 2011-12, you need to have £5,304 or more of such earnings if you are an employee or £5,315 or more if you are self-employed.
The number of qualifying years you need for a full basic State Pension depends on your age and whether you’re a man or a woman.

If you’ve been a parent or carer

If you reach State Pension age on or after 6 April 2010 you may be able to get new National Insurance (NI) credits. These NI credits allow you to build entitlement to the State Pension. You may be eligible for NI credits if you are:

  • a parent with a dependent child under 12 years of age
  • an approved foster carer
  • caring for at least 20 hours per week for one or more severely disabled people

Up until 5 April 2010, many people who cared for others were eligible for Home Responsibilities Protection (HRP). HRP helped protect your State Pension entitlement for years when you were not working or your earnings were low. If you reach State Pension age after 5 April 2010, you will receive NI credits rather than HRP.

The new NI credits replaced HRP from 6 April 2010. If you built up HRP before 6 April 2010 then up to 22 of these years will have automatically been converted into NI credits. These NI credits will then count towards your basic State Pension.

If you’ve been claiming benefit

You will automatically receive NI credits for the weeks you’ve been claiming the following benefits (if you have paid enough NICs):

  • Carer’s Allowance
  • Jobseeker’s Allowance
  • Incapacity Benefit
  • Employment and Support Allowance

The following table gives a simple overview of the maximum basic State Pension you can get.

Circumstances Basic State Pension rate per week, for 2011-12
Single man or woman  £102.15
Married man or woman or civil partner (who qualify with their own National Insurance contributions)  £102.15
Married man, woman or civil partner (using his wife’s, her husband’s or their civil partner’s National Insurance contributions record)  £61.20

Pension Credit – what is the rate?

If you are a pensioner living in Great Britain, in 2011-12, Pension Credit could top up your weekly income to a guaranteed minimum of:

  • £137.35 if you are single
  • £209.70 if you have a partner

If you are aged over 65 you may also be able to get up to an additional:

  • £20.52 a week if you are single
  • £27.09 a week if you have a partner

Please check linek below to calculate your pension age:

http://pensions-service.direct.gov.uk/en/state-pension-age-calculator/home.asp

If you need more information please visit

www.direct.gov.uk