July 2016 New State Pension Explained

03/07/2016

A man born on or after 6 April 1951 or a woman born on or after 6 April 1953 will claim the new state pension. This will be paid at a flat rate currently of £155.65 a week. As with the previous state pension, it is non-means tested and taxable but unlike the old pension scheme there is no additional state pension or increases for adult or child dependants.

Some people will not receive the full rate of pension while others will not be entitled to any pension at all. There is a requirement of a minimum ten qualifying years of sufficient national insurance contributions to be entitled to any pension. For those who have qualifying years before 6 April 2016 there will be a transitional rate of pension which should be at least as much as the claimant would have been entitled to under the old rules. As with the old scheme the new state pension will be taken into account as income for means-tested benefits.

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