{"id":2297,"date":"2016-01-12T14:33:52","date_gmt":"2016-01-12T14:33:52","guid":{"rendered":"http:\/\/my-brains.co.uk\/jackross\/?p=2297"},"modified":"2016-01-12T14:33:52","modified_gmt":"2016-01-12T14:33:52","slug":"new-state-pension-a-guide","status":"publish","type":"post","link":"https:\/\/my-brains.co.uk\/jackross\/new-state-pension-a-guide\/","title":{"rendered":"New state pension: a guide"},"content":{"rendered":"<p><strong>The new state pension comes into effect from 6 April 2016 but research has found that many savers don\u2019t understand the changes. <\/strong><\/p>\n<p>A survey by Aviva found that:<\/p>\n<ul>\n<li>24% are unaware of the flat rate pension<\/li>\n<li>42% of 55-64 year olds aren&#8217;t sure if they&#8217;ll receive it<\/li>\n<li>57% know that the state pension age is increasing.<\/li>\n<\/ul>\n<h3>Key changes<\/h3>\n<p>You will get your state pension under the current rules if you have already started receiving the state pension or reach state pension age before 6 April 2016. People will be eligible for the new state pension if they are:<\/p>\n<ul>\n<li>a man born after 6 April 1951 or<\/li>\n<li>a woman born after 6 April 1953 and<\/li>\n<li>have at least 10 qualifying years on their national insurance (NI) record.<\/li>\n<\/ul>\n<p>The additional state pension (which is based on earnings) will be abolished. It will be replaced with a flat rate (or single-tier system) which is based on your NI record. You&#8217;ll need 35 years of NI contributions to receive the maximum amount of \u00a3155.65 a week. A qualifying year is a tax year in which you&#8217;ve paid or have been credited with enough NI contributions to qualify for the state pension.<\/p>\n<h3>How it&#8217;s calculated<\/h3>\n<p>The government will use your NI record to calculate your &#8216;starting amount&#8217;.\u00a0This will be the higher of:<\/p>\n<ul>\n<li>the amount you&#8217;d receive under current state pension rules<\/li>\n<li>the amount you&#8217;d get if the new state pension had been in place when you started working.<\/li>\n<\/ul>\n<p>Workers who were &#8216;contracted out&#8217; of the additional state pension scheme at some point in their career may have a lower starting amount. Although the calculations are complicated, the important thing to know is that your starting amount won&#8217;t be less than under the current system.<\/p>\n<h3>Options<\/h3>\n<p>Once you know your starting amount you can begin planning. If your starting amount is <strong>more than the full state pension<\/strong>, the difference is called a &#8216;protected payment&#8217;. It is paid in addition to your state pension and increases each year in line with inflation. If your starting amount is <strong>less than the full state pension<\/strong>, you can add more qualifying years to your NI record. Each qualifying year is worth \u00a34.44 a week.<\/p>\n<p>You can continue to add qualifying years until your reach state pension age or the full state pension amount. You can request a state pension statement from the government to find out how much you may receive.<\/p>\n<p><em>Talk to us about your retirement planning.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new state pension comes into effect from 6 April 2016 but research has found that many savers don\u2019t understand the changes. A survey by Aviva found that: 24% are unaware of the flat rate pension 42% of 55-64 year olds aren&#8217;t sure if they&#8217;ll receive it 57% know that the state pension age is&hellip;&nbsp;<a href=\"https:\/\/my-brains.co.uk\/jackross\/new-state-pension-a-guide\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">New state pension: a guide<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":""},"categories":[21,12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New state pension: a guide - Manchester Chartered Accountants<\/title>\n<meta name=\"description\" content=\"The new state pension comes into effect from 6 April 2016 but research has found that many savers don\u2019t understand the changes. 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