The current basis state pension is £95.25 per week, for a single pensioner living alone. For an elderly couple, the state pension is £152.30 between the two individuals. However, it should be noted that pensioners with no other source of income can claim income support on top of this pension allowance, as the state pension is below the income support threshold. This brings income received up to £130 per week for an individual and up to £198.45 for an elderly couple.
• Who is entitled to a state pension?
The majority of elderly people are entitled to a pension. However, to receive the basic state pension an individual must have made necessary national insurance contributions over the course of their life. Originally, a man must have worked and made national insurance contributions for 49 years before receiving a state pension, whereas a woman must have worked for 44 years. Nowadays, these rules have changed: Only 30 years must have been worked to receive the basic state pension.
Woman can begin to claim the basic state pension aged 60, providing they have made necessary national insurance contributions. Men can begin to claim the pension at 65. However, these age thresholds may soon be set to change. As we live in an aging population, the government may be forced to increase the retirement age by two and three years. This is because funds do not allow for the current pensions being paid. People are dying later and later, meaning pensions are more lengthy and expensive. It is estimated that that the age of retirement for a woman will have risen to 65 by 2020.
To get more than the basic state pension in your old age, you can begin to save money in a separate pension fund. People often do this through a work scheme.
• Who is entitled to a state pension?
The majority of elderly people are entitled to a pension. However, to receive the basic state pension an individual must have made necessary national insurance contributions over the course of their life. Originally, a man must have worked and made national insurance contributions for 49 years before receiving a state pension, whereas a woman must have worked for 44 years. Nowadays, these rules have changed: Only 30 years must have been worked to receive the basic state pension.
Woman can begin to claim the basic state pension aged 60, providing they have made necessary national insurance contributions. Men can begin to claim the pension at 65. However, these age thresholds may soon be set to change. As we live in an aging population, the government may be forced to increase the retirement age by two and three years. This is because funds do not allow for the current pensions being paid. People are dying later and later, meaning pensions are more lengthy and expensive. It is estimated that that the age of retirement for a woman will have risen to 65 by 2020.
To get more than the basic state pension in your old age, you can begin to save money in a separate pension fund. People often do this through a work scheme.
