The flat-rate state pension has increased by 3.1% to £185.15 per week (up from the previous £179.60 per week) for the 2022/23 tax year. This equates to £9,660.86 per year or £805.07 per month.
The state pension was changed to the current flat-rate system in April 2016, intended to simplify the previous system of basic state pension, SERPS, State Second Pension and pension credits. To qualify for the full flat-rate state pension you now require 35 qualifying years of National Insurance contributions or credits. Those people who were better off under the previous system will still receive the higher amount they were previously entitled to.
State pension age is being gradually increased from the previous age 65 for men and age 60 for women, and is now age 66 for both. It will rise to age 67 by 2028, with a further rise to age 68 due between 2037 and 2039.
You can check your state pension forecast online at https://www.gov.uk/check-state-pension (please note this link will take you to a UK Government website and we are not responsible for its content) or complete and post the BR19 request form.
You do have to claim your state pension as it will not be paid automatically. It is paid gross but is taxable, so your tax code is likely to change for any other sources of income.
We are always available to discuss any queries or concerns, so just call or drop us an e-mail.