State pension UK: How much new rates are is explained ahead of amount rise in April 2020 | Personal Finance

The state pension is a payment which can be claimed by the eligible person once they reach state pension age. That said, it doesn’t have to be claimed at this age – as a person can instead defer it should they wish to.

Related articles

National Insurance threshold rise – will it affect your state pension State pensioners over 75 could get free TV licence – who’s eligible?

READ MORE

Martin Lewis: How to earn higher interest rates for your savings

There are two types of state pension, and these are the basic state pension and the new state pension.

The type a person can get is dependent on when they were born and when they reached state pension age.

Men born before April 6, 1951 and women born before April 6, 1953 can claim the basic state pension.

However, those who were born later would need to claim the new state pension instead.

READ MORE: What state pension will I get when I retire?

State pension: Person looking at 2020 diary

State pension: Some may wonder how much the state pension is after amount changes in April 2020 (Image: GETTY)

State pension payments are dependent on a person’s National Insurance record.

How much is the basic state pension?

The most a person can currently get under the basic state pension is £129.20 per week, the government website states.

How much is the new state pension?

Meanwhile, the full new State Pension is £168.60 per week.

DON’T MISSUK expat pensioners living in EU drops to five-year low [ANALYSIS]State pension to RISE annually for expats living in EU [INSIGHT]Woman, 61, reveals struggle to find work amid state pension age changes [EXCLUSIVE]

Related articles

State pension age? Some people could get £140 off their bills State Pension UK: When is the state pension paid?

The actual amount a person gets depends on their National Insurance record.

The Department for Work and Pensions (DWP) has also pointed out that some people may receive less than the full rate because they were previously in an occupational pension scheme, therefore receiving those benefits in addition to the state pension.

In April 2020, the state pension will rise by 3.9 percent.

This is under the triple lock mechanism, which means it increases each year by whichever is the highest out of 2.5 percent, the average rise in earnings, or inflation.

State pension: The amount is rising in April 2020 - April 2020 calendar in pictures

State pension: The amount is rising in April 2020 – but how much by? (Image: GETTY)

READ MORE

State pension age: Women able to appeal judicial review decision State pension is rising: 2020 to 2021 rates

This year, the increase in the state pension is tied to wage growth.

It means that the full rate of the UK’s new state pension will increase by £6.60 per week, to £175.20 per week.

This works out at an extra £344 per year, should a person get the full new state pension.

Trending

State pension: Gov.uk payment days in table

State pension: Gov.uk says the day the state pension is paid depends on one’s NI number (Image: GETTY)

Meanwhile, the weekly rate of the basic state pension would increase by £5.05, reaching £134.25 per week.

However, some people will receive less than this amount, and others more.

It’s possible to get a state pension forecast online, using the “Check your state pension” tool on the Gov.uk website.