Under the old system, there was no minimum threshold you could still get a small payout even if you had just four or five years.
As a guide to what you might get, multiply the number of years you've got.70 this figure is what each qualifying year is roughly worth.
Here's what you need.
Although the new rules have now scrapped this top-up, the Government has allowed many workers in their 40s, 50s and early-60s to keep any of this extra cash already amassed.
Reach tote casino online this and you'll be paid 10/35ths of the total currently 164.35 - which is about 47 a week.Assuming you're the right age, what you get depends on how many so-called 'qualifying years' of national insurance (NI) contributions you have.You can also build them up as national insurance credits instead, for time spent raising a family, if you care for the sick or disabled, or have spent time enrolled in full-time training.This extra money is known as your 'protected payment' and will be highlighted on your state pension statement.
These are earned over your lifetime and the number you get will depend on how many years you're in work.
To get any state pension at all.
To get the full 164.35, you'll need 35 years to get this full headline rate (which itself will rise each year.5, inflation or average wage growth whichever is highest.) Crucially, you don't have to start from scratch from y years earned before this.
And some people can get more.Not all NI years actually count when working out how much you're entitled this is because they're not treated as 'full' years and it could mean you end up with much less than you imagined (see 'contracting out' below).There's a potentially nasty sting in the tail, though, for many people who thought they had built up a given number of years.However, if you don't manage to meet this minimum, you won't get a penny (although pension credit should be available).This compares what you'd have been entitled to under the old and new regimes and, in a nutshell, you'll get the higher of the two.To get somewhere in between, you'll get the equivalent value of the state pension according to the total number of years you've built up so 23 years would give you roughly two thirds of the current 164.35 payout, or about 108.It's part of the Government's pledge that people who worked to build up a healthy state pension under the old rules shouldn't lose out under the new one.Say you earned an extra 65 a week in additional state pension over your working life under the old system which would have given you 184.30 a week.Under the new state pension rules that came in on, you need a minimum of 10 years before you'll get any payout at all.This is well over the new 164.35 limit but the rules allow you to keep this extra.95 a week.
Under the old state pension rules, workers were able to build up what's known as the additional state pension a top-up to the former basic state pension.
To make it work and it is fiendishly complicated what you'll get depends on a so-called 'starting sum' calculation.
These qualifying years can be from before or after don't have to be 10 years in a row they can be dotted about over a much longer period.