UK State Pension Forecast 


There are currently two types of state pension: the basic state pension and the new state pension. The type of state pension a person gets is dictated by the year in which they were born. Men born before 6 April 1951, and women born before 6 April 1953, can claim the basic state pension. Both men and women born on or after these dates need to claim the new state pension instead.

The Triple Lock Guarantee

The state pension rises each year under the triple lock guarantee. Whichever is the highest of the below will apply to how much it rises by:

  • Earnings – Calculated by the average percentage growth in wages in the UK
  • Prices – Calculated by the average percentage growth in prices in the UK as indicated by the Consumer Prices Index (CPI)
  • 5%

The full amount for the basic state pension is different from the new state pension.

Basic state pension

As covered in our previous article, the current basic state pension for 2019/20 stands at £129.20 per week. To qualify for the full amount, a person must have a total of 30 years in National Insurance contributions or credits.

Having National Insurance contributions or credits means that an individual was either working and paying National Insurance contributions, getting National Insurance credits (such as through unemployment, sickness or as a carer or parent) or paying voluntary National Insurance contributions.

However, women born before 1950 and men born before 1945 follow a different ruleset and require more qualifying years to receive a full state pension.

Men and woman subject to these rules require 44 years and 39 years respectively to qualify for a full state pension. These men will also need 11 qualifying years and women 10 qualifying years to get any state pension at all.

Circumstances may also dictate that an individual is entitled to get the additional state pension, entailing an additional payment paid alongside the basic state pension.

New state pension

A person claiming a full new state pension is currently entitled to £168.60 per week.

Like the basic state pension, the amount received depends on the individuals National Insurance record. With the new state pension, 10 qualifying years is required to get anything.

An individual may also get less than the full amount if they were contracted out before 6 April 2016.

The website explains: “Your National Insurance record before 6 April 2016 is used to calculate your ‘starting amount’. This is part of your new State Pension.

“Your starting amount will include a deduction if you were contracted out of the Additional State Pension.

“You may have been contracted out because you were in a certain type of workplace, personal or stakeholder pension.”

Unlike the basic state pension, the amount of qualifying years stands at 35 for both men and women if they do not have a National Insurance record before 6 April 2016.

Additional insights can be offered by the’s “Check your State Pension” tool to calculate how much an individual is entitled to.



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