In the 2010-11 tax year the full state pension for a single person was worth up to £102.15 a week; for a couple the full pension is worth up to £204.30.
How many years NI do I need for maximum State Pension?
35 qualifying years
Under these rules, you’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension. You’ll need 35 qualifying years to get the full new State Pension. You’ll get a proportion of the new State Pension if you have between 10 and 35 qualifying years.
Basic State Pension
| Single Person | Married Couple | |
|---|---|---|
| Date effective | per week | per week |
| April 2011 | £102.15 | £163.35 |
| April 2010 | £97.65 | £156.15 |
| April 2009 | £95.25 | £152.30 |
Why is the new State Pension more than the old?
The new State Pension is influenced by individual’s National Insurance records. People with no National Insurance record by the time the new State Pension is introduced will have to wait for 35 years to qualify for the full amount of the new scheme on reaching the pensionable age.
What happens to your PRSI if you retire early?
If you do retire early you should organise to continue your PRSI contributions so that your entitlement to an State Pension (Contributory) is maintained (see ‘Credits’ below). If you are made redundant, you may qualify for a statutory redundancy lump sum payment.
What happens if you work after state pension age?
Working after State Pension age. You can keep working past your State Pension age. You can usually work for as long as you want to. ‘Default retirement age’ (a forced retirement age of 65) no longer exists. You can also ask your employer if you can work more flexibly or work part-time. They have the right to reject your request.
How many phases of retirement can you take in stps?
STPS 2015 scheme members can have three phases before finally retiring but only two of your phased retirements can be before age 60. If you have benefits in both STSS and STPS schemes you can choose to take different proportions of your final salary and career average benefits.
How much of my pension can I take in phased retirement?
With phased retirement, you can take up to 75% of your total retirement benefits and you have to have a reduction of at least 20% of your pensionable salary which must occur for a minimum of 12 months. Your salary reduction can either be due to a reduction in the number of hours worked or because you’ve moved to a post of lesser responsibility.
