what is full state pension 2023

what is full state pension 2023

1 year ago 39
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The full state pension amount for 2023 is £203.85 per week. This amount is for those who reach state pension age on or after 6 April 2016, and it applies to men born on or after 6 April 1951 and women born on or after 6 April 1953. To receive the full amount, you need 35 years of national insurance contributions. Each qualifying year gives 1/35th of the full amount, so if you have made or been credited with less than 35 years of qualifying contributions, you’ll receive a lower amount. For example, 30 years of contributions give 30/35 x £203.85 = £174.73 a week, and 10 years give 10/35 x £203.85 = £58.24 a week. If you have already built up national insurance contributions under the pre-2016 system, you will be given a "starting amount". If your starting amount is more than the full amount of the new state pension, then any amount over that level will be protected and paid on top of the full amount when you start to claim the new state pension. If your starting amount is less than the full amount of the new state pension, then you may be able to build up a higher level of new state pension through contributions and credits you make between 6 April 2016 and when you reach state pension age.

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