State pension payments can be accessed from the age of 66 for most people and a minimum of 35 years of National Insurance contributions will be needed for the full amount. Currently, the full state pension is £175.20 per week which will be rising to £179.60 in April 2021.
When doing this, it should be remembered that state pensions are treated as earned income for income tax purposes.
However, people will no longer be required to pay any further National Insurance once they have reached state pension age.
When a person is ready to claim their state pension, they’ll have a number of options for doing so.
State pensions can be claimed online, over the phone or through the post.
The specific day of the week a person gets paid will depend on their National Insurance number.
The last two digits of the number will determine the payment day of the week as follows:
- 00 to 19 – Monday
- 20 to 39 – Tuesday
- 40 to 59 – Wednesday
- 60 to 79 – Thursday
- 80 to 99 – Friday