The new system was introduced in April 2016 and will affect those who are on the current new flat rate pension.
The new system was introduced on April 6th 2016, and in order to qualify, at least 10 years of National Insurance contributions are needed by the time the state pension age is reached.
The amount that the individual receives will depend on the number of years the individual has been paying in National Insurance contributions, but the pension can pay weekly amounts of up to £155.65.
From April 6th, pensioners on the current new flat rate pension will see their weekly payments increase to £159.55 (from £155.65 currently), whilst the old state pension will rise to £122.30 from £119.30.
This change in legislation means that pensioners will be more than £200 better off a year, with their total annual income boosted from £8,093.80 to £8,296.60.
Sell Pension have credited The Mirror for publishing an article about the change in state pension, and are confident that pensioners will understand the new changes.
Aaron Jones of Sell Pension says: “This will have a great impact on pensioners because it’s a much simpler and fairer system.
“Pensioners will now have a clearer idea about what the state will provide, making it easier to plan their retirement savings.”
Pensions specialists at Sell Pension can provide up to date information and put such individuals in touch with qualified, professional review experts based on the details provided.
For free and unbiased pension reviews from pension review experts, visit the website today.
About Sell Pension:
Sell Pension provide information about pensions and help to put people in touch with qualified, professional review experts who can provide tailored information that is unique to each case. Sell Pension also specialise in providing information about debt repayment, pension release and pension investment. If you find yourself asking, “can I cash in my pension?” and don’t know how to go about it, then we are on hand to help. For a free and unbiased pension review, please visit the website today.
Press Contact: Aaron Jones
Tel: 020 720 62357