New state pension rates are set to come into force on April 6, 2023.
The new state pension was first announced in April 2016, with transitional agreements in place that are set to end on April 5, 2023.
MoneySavingExpert.com founder Martin Lewis has issued a warning to people aged between 45 and 70 to check their state pension summary and their National Insurance record for any gaps.
Clearing any shortfalls in National Insurance contributions could allow people to claim the full new State Pension, which is now worth more.
Find out how to check your pension forecast and National Insurance record below.
How to check your State Pension forecast
You can check your State Pension forecast on the government website.
The State Pension amount someone will receive depends on how many National Insurance contributions they have made or have earned in credit.
How to check your National Insurance record
Anyone can check their National Insurance record on the government website using their National Insurance number.
People need to make National Insurance contributions to access their State Pension.
Generally, 10 years is enough to get some kind of State Pension. But people need 35 qualifying years to receive the new full State Pension.
If there are gaps in the National Insurance record, people can make voluntary contributions to make up the shortfall.
New pension rates for 2023/24
The basic and new State Pensions will be uprated in line with CPI inflation in 2023/24. This follows the restoration of the pensions ‘triple lock’, which had been suspended in 2022/23.
The pension rates for 2023/24 will be:
- For those who reach State Pension age on or after April 6: £203.85 up from £185.15
- The basic state pension: £156.20 per week up from £141.85.
- The Pension Credit standard minimum guarantee will increase by 10.1 per cent in line with CPI inflation, to £201.05 a week for single claimants and to £306.85 a week for couples.