From the 6th of April 2016 the new State Pension came into effect. In order to make it as fair as possible, those who have been building up State Pension benefits before that date will have a
“Foundation Amount” calculated. This basically represents the value of the State Pension benefits
built up under the old rules. To that will be added the benefit built up from the 6th of April 2016 up to their normal State Retirement Age.
As would be expected, there are some winners and some losers in this change-over. The best thing to
do is to request a State Pension Forecast – www.gov.uk/state-pension-statement. Their telephone number is 0345 3000168. This will confirm what your State Retirement Age is and also whether you have any “holes” in your National Insurance payment record which you may be able to fill.
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