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Dec 22

The State Pension: Get what you’re entitled to!

Reading Time: 3 mins

Worried about how much state pension you will recieve?

We recently collaborated with leading pension provider PensionBee to bring you six podcasts all about pensions. These podcasts cover the basics as well as looking in depth into different types of pensions.

In this episode of the How To Be A Money Magpie podcast, founder Jasmine Birtles is joined by Helen Thomas, CEO of Blonde Money, and financial journalist Cherry Reynard. They discuss what you need to do to make sure you get the state pension you are entitled to!

Listen to the podcast below, or read the written summary!


How does the state pension work?

Helen says:

  • It can look a bit complicated and messy, it’s hard to understand
  • The state pension is paid out based on national insurance contribution for a period of qualifying amount
  • The amount depends on the qualifying years
  • 67 years old is the current age you can withdraw your state pension
  • You have to make 35 years of NI contributions to get the full amount, but it doesn’t have to be consecutive years


What can you do if you take time out of work?

Cherry says:

  • If you have at least 10 years of NI contributions, you will get something
  • You may have taken time out for many reasons, you may not be making contributions
  • If your partner earns more than £50k, contributions may stop
  • All you ned is your national insurance number, and you can make contributions for later in life


Can you get your NI contributions paid for you?

Helen says:

  • If you receive some benefits, you can rack up credits and the government make NI contributions for you
  • You can make voluntary NI contributions
  • There are calculators online where you can see your contributions so far and how many more years you may need to pay
  • The government keeps tinkering with the rules, so it is important to keep up t date with any rule changes


Do you need to ask to withdraw your state pension?

Cherry says:

  • Yes, it is not automatic, you have to ask for it when you reach retirement age
  • You can also defer your state pension if you continue working
  • You can also get a partial state pension if you want to work part time or are earning
  • Getting your state pension right so that it covers bills and essentials means you can then use private pensions to grow your income and pension pot


Should people talk to a financial advisor?

Helen says:


Does the state pension change if you’re married?

Cherry says:

  • If you are married or in a civil partnership, your personal pension all depends on your own individual contributions and your own national insurance record
  • It may impact women more as they tend to take on more caring roles for children and relatives and therefore miss out on contributions

Helen says:

  • It is a totally individual responsibility, and it is important to plan in case of separation and divorce or unforeseen circumstances
  • Make sure you have access to your own online pension service


Any advice?

Helen says:

  • After the last 18 months, now more than ever is a really good time to know where you are at with your pensions and get yourself up to date regularly

Cherry says:

  • It is really worth having and aiming to get the state pension if you can
  • Not many people have guaranteed pensions anymore
  • Make sure it’s not the only pension you have but check you will get it


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