State pension 2020: When can I collect my state pension? | Personal Finance

The state pension changed in 2016, giving people who retired after spring in the year a different plan compared to those already enjoying the weekly government payments. The time frames for when people can start collecting their money also vary depending on when they started making payments. 


When can I collect my state pension?

To qualify for basic state pension, the Government requires people to have paid National Insurance contributions.

People need to have made a minimum of 10 years’ worth of contributions to claim any money from the government.

To get the full state pension, people must have made 35 years worth of contributions.

READ MORE: System change means scores receive LOWER pensions

state pension 2020 when can I collect state pension age

State pension 2020: When can I collect my state pension? (Image: GETTY)

State pension 2020: Pension age

State pension 2020: Pension age is 65 in the UK (Image: GETTY)


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The retirement age for both men and women is currently 65.

However, this will increase another three times in the not-so-distant future.

By April this year, the retirement age will increase to 66, and by 2028 it will become 67.

By 2039 retirement age will have increased by two years, to 68.

State pension 2020: Insurance contribution

State pension 2020: People get state pension by making national insurance contributions (Image: GETTY)

People who reached state pension age before and after April 6, 2016, will receive different pensions.

Those who reached state pension age before the date can claim the basic state pension, which pays out £129.20 per week in 2019/2020.

People retiring after April 6, 2016, are eligible for the new state pension, which replaced the basic and additional versions.

The new state pension introduced a single-tiered “flat rate”, the full level of which is £168.60 in 2019/20.

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State pension 2020: State pension increase

State pension 2020: State pension will increase every year depending on several variables (Image: GETTY)


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The overhaul to the old system didn’t do away with the additional state pension, however.

Under previous rules, people could build up the additional state pension, which topped up the maximum available amount.

While current rules have scrapped the top-up, people in their 40s, 50s and on the cusp of retirement in their 60s can still claim the extra amount.

Otherwise, the state pension amount will increase each year, depending on a selection of factors.

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The basic state pension payment increases every year depending on which of the following is highest:

– Earnings: Average percentage growth in wages for Great Britain

– Prices: Percentage growth in UK prices as measured by the Consumer Prices Index (CPI)

The Government will raise the pension amount by 2.5 percent if both wages and prices are lower.