What is the basic State Pension rate?
The following tax facts should be viewed as an indication of the rates and allowances available and relate to the current tax year (2020/2021) unless stated otherwise. Tax law is notoriously complex and we cannot replicate every rule, nuance or exemption here. Therefore you should not make, or refrain from making, any decisions based on this information alone. If you are in any doubt as to the suitable course of action we recommend you seek tax advice. Remember tax rules can change and depend on your personal circumstances.
State Pension rate
For those who reached State Pension age before 6 April 2016, the maximum in 2019/20 is £129.20 per week.
In addition, there may be entitlement to earnings related State Second Pension (S2P) formerly State Earnings Related Pension Scheme (SERPS).
You needed 30 qualifying years for a full basic State Pension. A qualifying year is one where either sufficient national insurance was paid or was deemed to have been paid.
Those who reached State Pension age after 5 April 2016 will claim the New State Pension instead. The maximum in 2019/20 is £168.60 per week.
The lower earnings limit for building up New State Pension is £6,136.
You need 35 qualifying years for a full New State Pension. A qualifying year is one where either sufficient national insurance was paid or was deemed to have been paid.