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The new single-tier state pension (from 6 April 2016)

The new single-tier state pension (from 6 April 2016)

The new single-tier State Pension scheme aims to simplify pensions and make them fairer for everyone. This new scheme applies to men born on or after 6 April 1951 and women born on or after 6 April 1953 who reach the State Pension age on or after 6 April 2016.

From 6 April 2016, you will no longer be able to contract out of the State Pension and all your National Insurance (NI) contributions will go into the new State Pension.

You’ll still need to have been paying your NI contributions for at least 10 years to get the new State Pension but you’ll need 35 qualifying years to get the full amount, which is five more years than under the current scheme.

The value of the new full State Pension will be £155.65 a week. If you haven’t got the full 35 qualifying years, the amount you get will be reduced. It will only be higher if you have over a certain amount of Additional State Pension.

More information is available at The Pensions Advisory Service and www.gov.uk.

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