the state pension

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

22 December 2021
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
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