State pension UK: How much is state pension? Amount set to rise very soon – but when?

In the UK, there are two types of state pension. These are known as the basic state pension and the new state pension, with when you were born being the deciding factor as to which one you are able to request. Not only do the rules differ between the two, but the maximum amount of money available per week varies too. So, how much can you currently claim on the state pension system?

Basic state pension

If you’re a man born before April 6, 1951, or a woman born before April 6 1953, you can claim the basic state pension.

At the moment, the maximum amount you’re able to get per week on this version of the state pension stands at £125.95.

The government website explains that the basic state pension rises each year, but the increase depends on which of the following three factors is the highest.

This could be the earnings, meaning the average percentage growth in wages in the UK, prices, which refers to the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI), or a 2.5 per cent rate.

READ MORE: What is current state pension age in the UK? Check if you’re eligible

New state pension

If you’re born on or after the aforementioned dates, you should claim the new state pension – once you’ve reached state pension age.

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The full amount you could be paid via the new state pension is £164.35 at the moment.

However, the actual sum of money you’re able to get will depend on your national insurance record.

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If you have a certain amount of additional state pension, or you defer or delay taking your state pension, you may be able to get more money.

When will the state pension amount rise in the UK?

The state pension will rise in April 2019.

Those who claim the full basic state pension will see an increase of £3.25 per week, totally a new weekly figure of £129.20.

Over the course of a year, this will be an additional £169.

Meanwhile, the increase of the new state pension stands at £168.60 – a rise of £4.25 per week.

Per year, this is an extra £221 – should state pensioners get the maximum amount.

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