Jasmine Birtles is answering questions from GBN members in the pensions and retirement Q&A. Email your query to money@gbnews.uk.
Question: "I was born in the first half of October 1958 and turn 66 years old this October.
"Could you please tell me if I will receive my state pension this year, and when will I get it?"
Jasmine replies: It's a good question to ask because the age at which we start to draw our pensions is changing over the next few years.
Gianpaolo Mantini, a partner at Saltus, says: "Based on our certificate, the first half of October 1958, you will be eligible to receive your UK state pension at the age of 66.
"Since you turn 66 this October, you will start receiving your state pension from your 66th birthday.
"The state pension is usually paid every four weeks in arrears, and your payment day is assigned based on the last two digits of your National Insurance number, so your first payment might be around four weeks after your birthday. You can confirm the exact payment date on the Government's state pension age calculator.
Britons are looking for clarity on when they can start claiming their state pension
GETTY"About four months before you reach state pension age - so around now - you should receive a letter inviting you to claim your state pension.
"If you haven't received this letter, you can still claim your state pension online, by phone or by post. Detailed instructions are available on the Government's website."
You would think that you would get your state pensions automatically but, as Gianpaolo says, you need to claim them in order to get them.
Lee Murphy of The Accountancy Partnership says: "Another helpful tool is the Personal Tax Account (PTA). This is an online portal where UK taxpayers can review their tax information and a variety of HMRC online services.
"Your PTA includes access to your National Insurance record. Checking is useful because any gaps in your payment history can affect how much state pension you get when the time comes or your entitlement to benefits.
"Gaps in your National Insurance record can appear for different reasons, such as employment breaks or employer submission errors, and being able to check means you can do something about it."
Of course, you could potentially put off receiving your state pension for a year or so. This can be a good option if you're still working or have other sources of income. It also means that you would get more each month.
You can earn extra state pension at one per cent of the weekly state pension for every five weeks you put off claiming. In fact, if you don't make a claim, your state pension will automatically be deferred until you claim it.
READ MORE:
A DWP rule change means some pensioners could be in line for a significant payment boost GETTYIf you defer claiming your state pension for at least 12 consecutive months, you can choose to receive a lump sum instead of the increased pension. This lump sum is taxable but it's not taxed in the same way as regular state pension income.
The lump sum payment will include interest which is added each week and compounded. The rate is two per cent above the Bank of England's base rate.
The downside to this is that if you don't live very long after you start to receive your state pension, no one gets the extra you were going to get after. The pension payments simply stop. But, if you're planning on living a good long life then it can be worth considering.
Jasmine Birtles is a personal finance expert, TV and radio presenter and author of 38 books.
Her website, MoneyMagpie.com, covers all aspects of personal finance from money-saving and money-making ideas to investment and pensions information. She is a keynote speaker at conferences around the world.
