The New State Pension
In April 2016, the Government introduced a new State Pension to replace the existing system. This only applies to men born on or after 6 April 1951 and women born on or after 6 April 1953. It has been announced that the new State Pension will be £155.65* per week. To claim any new State Pension you will have had to have made National Insurance contributions (NICs) for at least 10 years.
* This is based on having at least 35 'qualifying years' of National Insurance contributions (NICs).
The State Pension is the main source of retirement income for a lot of people in the UK. It is a guaranteed income that’s paid by the Government. You’re eligible to get your State Pension once you reach State Pension age. If you don’t want to start taking it, then you can choose to defer receiving the payments to a later date.