The State Pension is changing
4 March 2010
Don’t miss out on money for your future
The State Pension is changing from 6 April 2010 so that more people qualify for it. But some people need to take action now to make sure they don’t miss out on money for their future.
To get the full basic State Pension you need to build up a certain number of years of contributions, called ‘qualifying years.’ Currently this is usually 39 years for women and 44 years for men. For men and women reaching State Pension age on or after 6 April 2010, this is reducing to 30 years, to make it easier for people to build up a full basic State Pension.
If you’re over 55 and have ever taken time out of the workforce, you could do something now to boost your income in later life.
Think about any time you’ve spent out of the workplace. This might have been a career break, time taken out to raise children, or a period when you’ve been a carer for a partner, relative or friend.
It’s important you do this because your State Pension depends on your National Insurance record. When you are working you pay National Insurance contributions from your wages and these go towards your State Pension, among other things. However you can also be credited with contributions if, for example, you have been caring for someone or claiming certain benefits, or you may have paid some voluntary contributions.
If you’ve ever taken time out of the workplace, there’s a chance you may not have built up enough qualifying years to get the full basic State Pension.
Visit www.direct.gov.uk/betterfuture now to find out how the changes affect you. You’ll find simple steps to improving your pension, such as the State Pension Profiler tool. Alternatively, you can call 0800 678 1132.
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