How much their payment is depends on how many years of National Insurance (NI) contributions they have paid. A person typically needs at least 10 years of contributions to get the minimum state pension.
The full basic state pension is currently £141.85 a week while the full new state pension is £185.15 a week, providing an important source of income for many retired Britons.
However, a person will receive less than these amounts if they do not have the full qualifying years to get the full payment.
An individual typically needs 30 years of contributions to get the full basic state pension and 35 years of contributions to get the full new state pension.
Anyone who reaches state pension age after April 6, 2016, will receive the new state pension.
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She told Express.co.uk: “The state pension delivers a maximum of roughly £10,000 a year. So if you still wanted to retire at 65 but won’t get the state pension until 68, you’d need at least an extra £30,000 in your pension to make up this shortfall.
“The Pensions and Lifetime Savings Association thinks you need around £12,800 a year for a minimum lifestyle in retirement and £23,300 for a moderate one, as a single person, to give you an idea of the total you might need for each year you are retired. You can see the difference the state pension makes to reaching these targets.”
Research from the association found an individual would need some £12,800 a year for a minimum standard of living in retirement.
People planning for a moderate standard of living would need £23,800 a year while those who want enough funds for a comfortable retirement need £37,300 a year.
