LRD guides and handbook March 2015

State benefits and tax credits 2015

Chapter 5

What you may get

[ch 5: pages 72-73]

The future new State Pension rate has been set initially at £148.40 a week, although the actual amount will be finalised in the autumn of 2015 (the National Pensioners’ Convention reports that it is expected to be set at around £155 a week).

The amount you get can be higher or lower depending on your National Insurance record (it will only be higher if you would have got over a certain amount of Additional State Pension under the old rules). National Insurance contributions or credits before 6 April 2016 will count towards your new State Pension.

More information on how the new State Pension will be calculated is available at: www.gov.uk/new-state-pension/how-its-calculated.

You may get less than the full new State Pension if you were contracted out (see page 72) before 6 April 2016. The new pension will rise in line with average earnings, the CPI measure of inflation or 2.5%, as the state pension currently does.

You can get a State Pension Statement that can tell you how much new State Pension you may get at: www.gov.uk/state-pension-statement