The full New State Pension is worth £203.85 each week during the 2023/24 financial year.
The latest statistics from the Department for Work and Pensions show that State Pension currently provides regular financial support for 12.6 million older people across the country, including nearly one million retirees living in Scotland. This payment is available for those who have reached the UK Government’s eligible retirement age, which is currently 66 for both men and women, and have paid at least 10 years' worth of National Insurance Contributions.
DWP guidance explains: “You do not get your State Pension automatically - you have to claim it. You should get a letter no later than two months before you reach State Pension age, telling you what to do.” Deferring your State Pension could increase the payments you get each week when you decide to claim it, as long as you defer for at least nine weeks. Your State Pension increases by the equivalent of 1% for every nine weeks you defer, this works out as just under 5.8% for every 52 weeks.
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