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State Pension: what’s in it for me?

Having worked for over 30 years, I will qualify for a State Pension when I reach the State Pension age at 67 years old. This provides me with a “small” secure income for life which increases by at least the rate of inflation each year. The reason I say small is the State Pension offers £8,546 in 2018. Are you on top of your State Pension?

golden piggy

 Getting a State Pension

To receive a State Pension will depend on your National Insurance (NI) record. You have a National Insurance number to ensure that your NI contributions and tax are recorded against your name. You can find your National Insurance number on your payslip. You can check how much State Pension you will get on the government website or, if you are aged 50 or over, you can request a paper statement. The rules are that:

  • If you have 35 years of NI contributions, you will get the full State Pension.
  • If you have between 10 and 34 years of NI contributions, you will receive a proportion of the pension.
  • Less than 10 years of NI contributions, you aren’t eligible for the State Pension.

 The options at state retirement age

  • Collect your State Pension.
  • If you’re still working or have enough income from other sources, you may decide to defer taking your State Pension so that you receive a higher income from it later.
  • Make extra payments to maximise your State Pension if you don’t yet qualify for the full amount.

 State Pension age is a moving feast

 This depends on your age now, but as a rough guide the pension age is:

  • In your 20’s, work to age 70
  • In your 30 and 40’s, work to age 68
  • In your 50’s work until 67
  • In your early 60s work until 66

 Completing 35 years of NI contributions

 The best ways are:

  1. Keep paying National Insurance. You can keep working and paying NI contributions until you reach State Pension age.
  2. Apply for NI credits. Credits can fill gaps in your National Insurance record. They may increase the amount of new State Pension you get when you reach State Pension age.
  3. Pay voluntary NI contributions. You may be able to fill gaps in your National Insurance record by paying voluntary contributions.

The State Pension ages have been undergoing radical changes since April 2010. The changes will see the State Pension age rise for both men and women. There are plans to change State Pension ages further, so make the effort to know your State Pension age.

ChildMax is affordable way to pay your take home salary while you’re on 12 months’ unpaid leave looking after a sick child. Premiums start from £49.50 or for easy budgeting an initial payment of £8.25 followed by eleven monthly payments of £3.75. Get a quote with 5 questions which takes one minute.

Visit at or call the UK call centre 0333 323 0098 for more information.

Important: If you feel that you have a State Pension issue, contact the Pension Service run by the government; helping with State Pension eligibility, claims and payments.



Date: 23 April 2018 by Max Robinson