Pembrokeshire Mortgage Centre Ltd trading as County Financial Consultants is Authorised and Regulated by the Financial Conduct Authority. Financial Services Register Number 479220. Registered in England & Wales, Company Number 4680558.

Registered Office address: Sea View, Cambrian Terrace, Saundersfoot, Pembrokeshire, SA69 9ER. Trading address: as per our registered office.

The guidance and or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted to customers in the UK.

© Pembrokeshire Mortgage Centre Limited trading as County Financial Consultants, 2017. All rights reserved.

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01834 815062

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Sea View, Cambrian Terrace, Saundersfoot, Pembrokeshire, SA69 9ER

State Pension

BASIC STATE PENSION 

(Prior to 2016/2017) – for people who have paid sufficient National Insurance contributions while at work or have been credited with enough contributions. For those who reach state pension age on or after 6th April 2016, these no longer apply.

NEW STATE PENSION

The new State Pension will be a regular payment from the government that you can claim if you reach State Pension Age (SPA) on or after 6 April 2016. You’ll be able to get the new State Pension if you are eligible and:


• a man born on or after 6 April 1951
• a woman born on or after 6 April 1953


If you reach State Pension age before 6 April 2016, you’ll get the State Pension under the Basic State Pension and Additional State benefits headers.

The full new State Pension will be £155.65 per week (2016/2017).Your National Insurance record is used to calculate your new State Pension. You’ll usually need 10 qualifying years to get any new State Pension. 35 years qualifies for the full amount. The amount you get can be higher or lower depending on your National Insurance record.

ADVANCED STATE PENSION

(Prior to 2016/2017) – referred to as the State Second Pension (S2P) but before 6 April 2002, it was known as the State Earnings Related Pension Scheme (SERPS). From 6 April 2002, S2P was reformed to provide a more generous additional State Pension for low and moderate earners, carers and people with a long term illness or disability and is based upon earnings on which standard rate Class 1 National Insurance contributions are paid or treated as having been paid. Additional State Pension is not available in respect of self-employed income. From April 2016 both the basic rate pension and additional state pension will be combined to offer a simple single tier flat rate pension.

 

For those who reach state pension age on or after 6th April 2016, these no longer apply.