Older people do not automatically receive full New State Pension payments of £221.20 each week when they retire.
The latest statistics from the Department for Work and Pensions show that the State Pension currently provides a regular financial income for nearly 12.7 million older people across the country, including more than one million retirees living in Scotland. This payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance contributions.
Workplace and private pensions will help bolster the State Pension in retirement, but many people may be relying on the contributory benefit as their only income in retirement, so it’s crucial to be aware of how many years you will need to make NI contributions in order to get the maximum payout. Top Money Stories Today How to get any New State Pension payment You will need at least 10 qualifying years on your National Insurance record to qualify for any State Pension, but they don’t have to be 10 qualifying years in a row.If you have lived or worked abroad you might still be able to get some New State Pension.
You will need around 35 qualifying years to receive the full New State Pension if you do not have a National Insurance record before 6 April 2016 - this may be more if you were 'contracted out', find out more here. You might not pay National Insurance contributions because you’re earning less than £242 a week. You may still get a qualifying year if you earn between £123 and £242 a week from one employer - find out more here.
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