The Department for Work and Pensions (DWP) has confirmed that full new state pension claimants will receive £965 in October, equivalent to £241 a week. The payment applies to people on the full new state pension rate, specifically men born after 1951 and women born after 1953, who receive their pension every four weeks.
Who qualifies for the £965 October payment
According to the DWP, you can claim the new State Pension when you reach State Pension age if you are a man born on or after 6 April 1951 or a woman born on or after 6 April 1953. Those born before these dates will instead receive the basic State Pension, and may also get Additional State Pension.
To receive any new State Pension, you need at least 10 qualifying years on your National Insurance record. A qualifying year is one in which you were working and paying National Insurance contributions, or receiving National Insurance credits – for example, if you were unemployed, ill, a parent or carer – or paying voluntary National Insurance contributions.
How your state pension amount is calculated
The number of qualifying years on your National Insurance record directly affects how much State Pension you get. The full rate of new State Pension is £241.30 a week. Your individual amount could be different depending on whether you were contracted out before 2016, the number of National Insurance qualifying years you have, and whether you paid into the Additional State Pension before 2016.
In some cases, you might also qualify if you have lived or worked abroad, or if you paid reduced rate National Insurance as a married woman. You can claim State Pension abroad if you have paid enough National Insurance contributions to qualify.
Additional ways to increase your pension
Your new State Pension is usually based on your own National Insurance record. However, in certain circumstances, you might inherit State Pension or increase it through a spouse or civil partner. The DWP has confirmed that the October payment of £965 applies to those on the full new rate, with payments made every four weeks.
