How Much is the State Pension in 2023?

If you are still yet to receive your state pension then you may be wondering how much you will get when you do come to reach state pension age (check out your state pension age here).

The amount of state pension you get depends on the number of qualifying years you have to put towards it. Generally speaking, qualifying years are when you have paid enough National Insurance, or been assigned credits (for example for looking after children) or if you were paying voluntary NI contributions.

As long as you have 10 years worth of credits then you will be entitled to some state pension.

The maximum amount of state pension payable for 2023 is £203.85 per week which is equivalent to £10,600.20 per annum. It is paid every 4 weeks. In order to get the maximum amount you need to have 35 qualifying years. There are other factors involved so this is a generalisation so you need to check your individual circumstances. You can get a state pension forecast through the government website. If you have between 10 and 35 qualifying years then you will get a portion of the maximum payment.

The new State Pension increases each year by whichever is the highest:

• earnings – the average percentage growth in wages (in Great Britain)
• prices – the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI)
• 2.5%

Last year it increased by 10.1% due to the high level of inflation.