How much is the new UK state pension in 2024?
The state pension increased 8.5% on April 8, the second highest rise since the triple lock was introduced in 2011/12. We outline how much more money eligible pensioners will receive.
How much you get in retirement from the state depends on a number of factors, including your age and when you retired, and your national insurance record.
The state pension age, ie when you can start claiming your state pension, has been rising and will increase again from April 2026.
In this article, we explain:
Read more: Should I defer my state pension?
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How much is the state pension in 2024?
How much state pension you receive depends on if you receive a new full state pension or old basic state pension or additional rate pension.
Old basic state pension
This applies to those people who reached state pension age before April 6, 2016.
The full basic pension is now £169.50 a week – or £8,814 a year.
REMEMBER: These figures are for the full basic state pension. The actual amount you get depends on your national insurance record.
Some pensioners might also get more than this if they qualified for the additional state pension – also known as the state earnings-related pension scheme (SERPS) and State Second Pension (S2P) – however this will depend on what they earned while working and whether or not they contracted out of it for a period of time.
New full state pension
This is for those reaching state pension age on or after April 6, 2016. It applies to men born on or after April 6, 1951 and women born on or after April 6, 1953.
The current new full state pension is £221.20 a week – or £11,502.40 a year.
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What is the state pension age in 2024?
The state pension age in 2024 is 66 years old for both men and women. You can check when you’ll receive your state pension here.
For those born after April 5,1960, there will be a phased increase in state pension age. It is set to rise to 67 between May 2026 and March 2028. From 2044, it is expected to rise to 68.
How much state pension will I get at 66?
People turning 66 before 2026 will be entitled to the new state pension. How much they will get depends on how many years of national insurance credits they have built up.
How much is pensions credit a week?
If you’ve passed state pension age and are on a low income, pensions credit is there to top-up your income. It can also help cover housing costs and offer a boost if you’re severely disabled, responsible for a child or young person, or a carer.
It’s a separate benefit from the state pension – and you can qualify for it even if you have savings, other sources of income or own your own home.
Pensions credit tops your income up to £201.05 a week if you’re single or £306.85 if you have a partner.
You can see if you’re eligible to claim here.
How much the state pension increased in 2024
Under the triple lock guarantee, the state pension rose by 8.5% in April 2024. This is because it is the highest figure of average earnings growth, inflation and 2.5%. This means, from April 2024:
- The full state pension rose from £203.85 a week to £221.20 a week, or £11,502 a year
- The basic state pension rose from £156.20 a week to £169.50 a week, or £8,814 a year
The increase was confirmed as part of the chancellor’s autumn statement.
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How do I check my state pension forecast?
Find out how much you could get by looking at your state pension forecast using the government’s pension service online. It takes only two minutes to check.
You may find it makes sense to make voluntary contributions to fill gaps in your national insurance (NI) record.
How many NI years do I need for the full state pension?
You need at least ten years of national insurance credits to get anything at all and 35 years of full national insurance credits to claim the full amount of state pension.
Some confusion around this persists because, under the old system for people who reached state pension age before April 2016, it used to be 30 years.
Read more: ‘Should I top up my state pension with NI contributions?‘
When is the state pension age increasing?
The age at which you can draw the state pension will rise from 66 to 67 between 2026 and 2028. The government argues that it needs to increase the pension age because people are living longer.
The age will then rise to 68 between 2037 and 2039. However, there is speculation that the government could raise the age to 68 from as soon as 2033 in order to help balance the public finances.
Read more: UK state pension age explained
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What is the state pension?
The state pension is income provided by the government once you reach a certain age – currently 66 for men and women – and have passed certain eligibility criteria.
It essentially comes from a big pot that current taxpayers pay into via national insurance contributions. This money is then used to pay for state pensions, maternity pay, jobseeker’s allowance, employment and support allowance and bereavement support payments.
How much you get depends on the number of years you have on your national insurance record: you currently need a minimum of ten years to receive anything and 35 years to get the maximum amount. The government website lets you see how many years you have accumulated.
You can find out more about pensions and how they work in our simple guide.
How do I claim my state pension?
Unfortunately, you won’t receive yours automatically when you reach the correct age. Instead, you need to claim it.
You should receive an invitation letter from the Department of Work and Pensions (DWP) two months before you reach state pension age which tells you how claim. The quickest way to claim is to apply online through the government website.
If you don’t claim your state pension it will be automatically deferred.
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Should I defer my state pension?
Deferring your state pension can increase the payments you get when you do decide to claim it. But there’s no right or wrong decision here – it really depends on your personal circumstances.
Deferring your state pension may be a smart move if you’re still working and state pension income would take you into a higher tax bracket, for example. It’s therefore a good idea to know the pros and cons to delaying when you start receiving it.
Read more: Deferring my state pension: a guide.
What happens to my state pension if I retire overseas?
You can still receive your UK state pension if you retire overseas, as long as you have sufficient qualifying years of national insurance contributions.
For more advice or information about pensions and benefits if you live abroad, search on the government-run website International Pension Centre.
You will be entitled to annual increases in your state pension only if you live in the European Economic Area (EEA) or Switzerland. You can also get rises if you live in a country with a social security agreement with the UK that allows for increases, such as America, Jamaica and Israel.
Should I defer my state pension?
The current UK retirement age is 66. If you plan to keep working past that then, it may make sense to delay receiving your state pension.
However, there are pros and cons to delaying when you start receiving your state pension.
We outline them in full in our deferring my state pension guide.
What happens to my partner’s state pension when they die?
You may be able to inherit a spouse or civil partner’s state pension entitlement when they die.
This is a big maybe.
Those who reached state pension age before April 6, 2016 could be eligible to inherit some of a spouse or civil partner’s state pension when they die.
If you are eligible for your partner’s state pension income, this will be adjusted automatically by the DWP so you don’t have to apply for it.
Read more: What does a pension pot worth £37,000, £150,000 and £500,000 give you?
Can I carry on working and claim the state pension?
Yes, you can carry on working full-time or part-time, or doing freelance work while claiming the state pension.
Bear in mind that you won’t pay national insurance contributions on your wages if you continue to work past pension age, but you could end up paying tax on your weekly state pension depending how much you earn.
Read more: Should I defer my state pension?
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