State Pension is an integral payment given to those who reach State Pension age. The scheme is a regular payment made to men and women depending on their birth dates. But what is the earliest age you can retire?
What is State Pension?
State Pension payments are regular income paid by the Government to those who reach a certain age.
State Pension is intended to make sure everyone has a solid foundation for their retirement, to support them throughout that period.
These payments are funded from National Insurance contributions and one’s eligibility is based upon an individual’s own NI contributions during their working years.
However, the State Pension age is scheduled to rise to 66 by October 2020.
The retirement age is then scheduled to rise to 67 between 2026 and 2028.
The age of eligibility for State Pension is due to rise to 68 between 2037 to 2039, although the specific timetable has not yet been confirmed.
You can find out when you will qualify for the State Pension using the State Pension calculator tool here.
But it is very possible these dates will be altered following the coronavirus pandemic and the subsequent impact on the economy.
How much State Pension will you get?
Your State Pension amount depends upon when you were born, when you reach State Pension age and your NI contributions.
Men born before April 6, 1951, or women born before April 6, 1953, are entitled to claim basic State Pension.
The most basic State Pension you can currently get is £134.25 per week depending on whether you have the 30 qualifying years of NI contributions to get the full amount.
en born on or after April 6, 1951, and women on or after April 6, 1953 are entitled to claim the new State Pension.
The full new State Pension is £175.20 per week, but the actual amount you get depends on your NI record.