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-New State Pension (Post-April 2016): The full amount is £203.85 per week (approximately £10,600 per year).

-Basic State Pension (Pre-April 2016): The full amount is £156.20 per week (approximately £8,122 per year).

The triple lock ensures the State Pension increases annually by the highest of:

-Inflation (CPI).
-Average wage growth.
-2.5% minimum.

For 2024-2025, an increase of 8.5% was applied due to strong wage growth.

The current State Pension age is 66 for both men and women.

It is gradually increasing:
-To 67 by 2028.
-To 68 (currently planned for the mid-2030s, though reviews may bring this forward).

-To qualify for the full new State Pension, you need 35 years of full NI contributions.
-For the basic State Pension, you need 30 years of contributions.
-You need at least 10 years of contributions to receive any State Pension.

You can choose to defer your State Pension, which increases your payments:

-For the new State Pension, it rises by 1% every 9 weeks (equivalent to 5.8% per year).

Example: If you defer for a year, you could receive an extra £611 annually on a full new State Pension.

If you have gaps in your NI record, you can (currently still) make voluntary Class 3 NI contributions to boost your State Pension entitlement.

For 2024-2025, a single year of voluntary contributions costs £907.40, but it could add approximately £303 annually to your pension for life.

The State Pension is considered taxable income, but it is paid gross (without tax deducted).

Whether you pay tax depends on your total income exceeding the personal allowance (£12,570 for 2024-2025).

Pension Credit tops up income for low earners:

-Minimum income guarantee: £201.05 per week for a single person or £306.85 per week for a couple.
-An additional £72.31 is available for those with severe disabilities.

You can check your State Pension forecast online via the Gov.uk State Pension service to understand:

-Your estimated payment.
-Any gaps in your NI record.

The State Pension cannot typically be inherited, but:

-Some spousal benefits or NI contributions may transfer if your partner passes away.
-This depends on your specific circumstances and the pension system you qualify under (basic or new).

-The Basic State Pension applies to those who reached State Pension age before April 6, 2016.
-The New State Pension applies to those who reached State Pension age on or after April 6, 2016.
-The new system is designed to simplify payments, but some people may get more or less depending on their NI record and previous entitlements.

-If you were in a workplace pension scheme and “contracted out” of additional State Pension benefits, your State Pension may be reduced.
-This typically applies to those who built up savings in private or workplace schemes before 2016.

-Self-employed individuals only contribute Class 2 NI contributions, which count toward the State Pension.
-They are eligible for the new State Pension provided they meet the minimum contributions (10 years for any pension, 35 years for the full pension).

If you move abroad, you can still receive your UK State Pension, but:

-It will only increase annually if you live in countries with a reciprocal agreement (e.g., EU nations, USA, Canada, etc.).
-Otherwise, your pension remains frozen at the rate you first received it.

The State Pension Age Review considers life expectancy and public finances.

Many younger workers may not receive their State Pension until age 68 or later, depending on future adjustments.

You can earn NI credits if:

-You are claiming benefits such as Universal Credit or Child Benefit.
-You are caring for someone for more than 20 hours per week through the Carer’s Credit.