How do you work out your state pension?

28 June 2023

Question by Guest at Lootcamp by Boring Money Live Event

Answered by Boring Money

New State Pension

If you're a man born on or after 6 April 1951 or a woman born on or after 6 April 1953, you’re entitled to the new State Pension. For the 2023-24 tax year, the full new State Pension is £203.85 per week or £10,600.20 a year.

You must have paid NI contributions for a minimum of 10 years to qualify for any new State Pension at all. And you must have 35 years of contributions under your belt to qualify for the full amount!

If you have fewer than the minimum number of 35 qualifying years, the amount of new State Pension you receive will be less than the full £203.85 per week.


Jane was born in 1960. She started paying NI contributions when she got her first job in 1980. She worked until 1985 when she took a 3 year break to have a child. She went back to work in 1988. She then took a 2 year break in 1992 to have another child. She went back to work in 1994 and has been working ever since.

As of 2023, Jane has been working for 43 years. However, she has taken a total of 5 years out of work to raise her children, meaning she didn’t pay any NI contributions during this time. So 43 – 5 = 38, and despite the time Jane took off work, she has still paid more than the minimum 35 qualifying years, so she is now eligible to receive the full amount of State Pension when she reaches state retirement age (more on this below).

Basic State Pension

If you’re a man born before 6 April 1951 or a woman born before 6 April 1953, you’re entitled to the basic State Pension. The rules for this - and the amount you can get - are a bit different. You can read more about it and whether or not you're eligible on the website here.

Watch Tanya Laing explain further in this video:

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Boring Money