The state pension is set to increase by 8.5% in April, after the chancellor confirmed in the government’s commitment to the triple lock in November’s Autumn Budget Statement. We outline how much eligible pensioners currently receive and how much they will get in 2024.
Whether you’re entitled to the full state pension and how much you will get depends on your age and your national insurance record. The state pension age is also set to rise and will start increasing from April 2026.
In this article, we explain:
- How much is the UK state pension in 2024?
- How much will the state pension increase in 2024?
- How much state pension will I get?
- When will I get the state pension?
- What is the state pension?
- When is the state pension age increasing?
Read more: Should I defer my state pension?
This article includes affiliate links which may earn us revenue*
How much is the state pension in 2024?
How much state pension you receive depends on if you receive a new full state pension or old basic state pension.
Old basic state pension
This applies to those people who reached state pension age before 6 April 2016.
The full basic pension is now £156.20 a week – or £8,122.40 a year.
REMEMBER: These figures are for the full state pension. The actual amount you get depends on your national insurance record.
New full state pension
This isfor those reaching state pension age on or after 6 April 2016. It applies to men born on or after 6 April 1951 and women born on or after 6 April 1953.
The currentnew full state pension is £203.85 a week– or £10,600.20 a year.
What is the state pension age in 2024?
The state pension age in 2024 is 66 years old for both men and women. You can check when you’ll receive your state pension here.
For those born after 5 April 1960, there will be a phased increase in state pension age. It is set to rise to 67 between May 2026 and March 2028. From 2044, it is expected to rise to 68.
How much state pension will I get at 66?
People turning 66 before 2026 will be entitled to the new state pension. How much they will get depends on how many years of National Insurance credits they have built up.
How much is pensions credit a week?
If you’ve passed state pension age and are on a low income, pensions credit is there to top-up your income. It can also help cover housing costs and offer a boost if you’re severely disabled, responsible for a child or young person, or a carer.
It’s a separate benefit from the state pension – and you can qualify for it even if you have savings, other sources of income or own your own home.
Pensions credit tops your income up to £201.05 a week if you’re single or £306.85 if you have a parnter.
You can see if you’re eligible to claim here.
How much will the state pension increase in 2024?
Under the triple lock guarantee, the state pension will rise by 8.5% in April 2024. This is because it is the highest figure of average earnings growth, inflation and 2.5%. This means, from April 2024:
- The current new full state pension (currently £203.85 a week) will rise to £221.20 a week, or £11,502 a year
- The basic state pension (currently £156.20 a week) will rise to £169.50 a week, or £8,814 a year
The increase was confirmed as part of the chancellor’s Autumn Statement.
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How do I check my state pension forecast?
Find out how much you could get (yourstate pension forecast) using the government’s pension service online. It takes only two minutes to check.
You may find it makes sense to make voluntary contributions to fill gaps in your NI record.
How many NI years do I need for the full state pension?
You need at least ten years of national insurance credits to get anything at all and 35 years of full national insurance credits to claim the full amount of state pension.
Some confusion around this persists as under the old system for people who reached state pension age before April 2016 it used to be just 30 years.
Read more: ‘Should I top up my state pension with NI contributions?‘
When is the state pension age increasing?
The age at which you can draw the state pension will rise from 66 to 67 between 2026 and 2028. The government argues that it needs to increase the pension age as people are living longer.
The age will then rise to 68 between 2037 and 2039. This comes after a government review in 2017 brought these dates forward by seven years.
However, there is speculation that the government could raise the age to 68 as early as 2033 in order to help balance the public finances.
Read more: UK state pension age explained
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What is the state pension?
The state pension is income provided by the government once you reach a certain age – currently 66 for men and women – and have passed certain eligibility criteria.
It essentially comes from a big pot that taxpayers pay into via your national insurance contributions.
How much you will get depends on the number of years you have on your national insurance record: you need a minimum of ten years to receive anything and 35 years to get the maximum amount. The government website lets you see how many years you have accumulated.
You can find out more about pensions and how they work in our simple guide.
How do I claim my state pension?
Unfortunately, you won’t receive yours automatically when you reach the correct age. Instead, you need to claim it.
You should receive an invitation letter from the Department of Work and Pensions (DWP) two months before you reach state pension age which tells you how claim. The quickest way to claim is to apply online through the government website.
If you don’t claim your state pension it will be automatically deferred.
Find out how much cash you could release from your home
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Should I defer my state pension?
Deferring your state pension canincrease the payments you get when you do decide to claim it. But there’s no right or wrong decision here – it really depends on your personal circ*mstances.
Deferring your state pension may be a smart move if you’re still working and state pension income would take you into a higher tax bracket, for example.It’s therefore a good idea to know the pros and cons to delaying when you start receiving it.
Read more: Deferring my state pension guide.
What happens to my state pension if I retire overseas?
You can still receive your UK state pension even if you retire overseas, as long as you have sufficient qualifying years of national insurance contributions.
For more advice or information about pensions and benefits if you live abroad, search on the government-run website International Pension Centre.
You will be entitled to annual increases in your state pension but only if you live in the European Economic Area (EEA) or Switzerland. Any country with a social security agreement with the UK that allows for increases, such as America, Jamaica and Israel.
What happens to my partner’s state pension when they die?
You may be able to inherit a spouse or civil partner’s state pension entitlement when you are widowed.
This is a big maybe.
These cases affect those who reached state pension age before 6 April 2016: a spouse or civil partner who was in receipt of the state pension when they died, the surviving partner might stand to inherit it from them.
If you are eligible for your partner’s state pension income, this will be adjusted automatically by the DWP so you don’t have to apply for it.
Read more: What does a pension pot worth £37,000, £150,000 and £500,000 give you?
Can I carry on working and claim the state pension?
Yes, you can carry on working either full-time or part-time, or doing freelance work, while claiming the state pension.
Bear in mind that you won’t pay national insurance contributions on your wages if you continue to work past pension age, but you could end up paying tax on your weekly state pension depending on how much you earn.
Read more: Should I defer my state pension?
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