Those who have paid into their state pension will be able to claim either the basic or new state pension when they hit state pension age. A man born before or after 6 April 1951 or a woman born on or after 6 April 1953 can claim the new state pension. Those born before these dates are entitled to the basic state pension instead. On top of this sum of money, some pensioners could be eligible for additional payments on top of their new or basic income.
Those who receive the basic state pension can receive up to £129.20 per week.
Pensioners who qualify for the new state pension are entitled to £168.60 a week.
This can be claimed when pensioners reach state pension age which is now 65 for both men and women.
However, those who are nearing retirement age must keep watch as the age is set to gradually increase.
As well as receiving the state pension payment, some people will be eligible for an additional income in the form of pension credit, according to Gov.uk.
What is pension credit?
Pension credit is a benefit that has been put in place to help those who earn below a certain amount from their state pension.
In order to qualify for this, either the pensioner or their partner needs to have reached state pension age.
However, this is set to change as from 15 May 2019, those in a couple will only be eligible if they have both reached pension credit qualifying age.
Or, this can be claimed if one has reached this age and are also receiving housing benefits.
Who does this apply to and how is it claimed?
If hoping to apply for pension credit, pensioners can do so up to four months before the first start to get their pension.
Pensioners are also able to backdate a pension credit claim if they are eligible.
Pension credit is means tested and made up of two parts, Guarantee Credit and Savings Credit.
Single people receiving Guarantee Credit will get a top up to £167.25 and those in a couple will get a top up of £255.25.
A single person getting Savings Credit can get an extra £13.73 and a couple receiving this can boost their income by up to £15.35.
Pensioners can also boost their income by opting in to a pension scheme.