State pension 2024-25: How a lot you’ll get and the right way to declare

However, Labour committed to maintaining the triple lock during the election and, now in government, has so far been reluctant to commit to any reform, especially as the policy helps curry favour with older voters. 

Is the policy really unsustainable? 

The state pension is one of the most expensive policies in Government, and Britain’s ageing population means it is only going to get more expensive. 

Contrary to popular belief, there is no National Insurance “fund”. Pensions and other benefits are funded by taxes collected from today’s workers. There have already been warnings that the money raised by National Insurance is already being outweighed by state pension costs, which could cause problems for the Treasury.

Experts have warned uncertainty still lies ahead for future retirees because of the rising state pension age. As well as increasing to 67 between 2026 and 2028, it will also rise for those born on or after April 6 1977 from 2044, hitting 68 by April 2046. These age rises could be brought forward.

Increasing the state pension age is a seemingly straightforward way for the Treasury to save tens of billions of pounds. It will push down the cost of the state pension, as well as generate more revenue in income tax from people who have no choice but to stay in the workforce for longer. However, history suggests that increasing the state pension age deepens social inequality across the country. 

In order to qualify for a full state pension, you must have a 35-year record of National Insurance Contributions or received National Insurance credits for raising children or providing care. You need at least 10 years in total on your National Insurance record to receive any state pension. 

Each individual’s state pension payments can look different depending on when they were born, how long they worked, and if they took any career breaks. 

You can help your state pension grow by applying for National Insurance credits. These fill the gaps in your NI record and can apply to a range of periods such as being on jobseeker’s allowance, maternity allowance, looking after a child under 12, or even being on a government-approved training course. 

Your full state pension will also look different depending on when you were born. Those who reached retirement age before 2016 will be entitled to the basic state pension, also known as the “old” state pension. 

There is a gap between the old and the new state pension because retirees on the former were entitled to an additional “state earnings-related pension scheme” known as Serps. 

FAQs on the state pension

Do I get my husband’s state pension when he dies? 

You might be able to get a spouse’s state pension when they die, but it depends on several factors. These include your age, whether you have your own state pension and when the deceased partner became eligible for the state pension – if they were on the “new” state pension scheme, payments will not be transferrable.

Our guide to the state pension for married couples can explain more.

Will there be a state pension in 2030? 

With Labour set to be in power until at least 2029, all eyes will be on the Government for any state pension changes. The party has not indicated plans to remove the state pension thus far, however its concerns around a “black hole” in Britain’s finances could see changes introduced to reduce its burden on the Treasury.

Will the UK state pension be abolished?

The Government has given no indication that it is planning to abolish the state pension. It may, however, wish to change how it works, or who receives it. 

One senior adviser has urged the Government to reduce state pension entitlement in order to save money, with a suggestion to means-test it. Such a move would prove hugely controversial, and Ms Reeves insisted Labour had no plans to introduce means-testing.