Millions having their state pension reduced – are you one of them? | Personal Finance | Finance
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However, complications mean that in reality, the payouts are not “flat” – and there are many who are due to receive lower than the highest amount.
Thus, millions of current workers who have spent at least one year paying into a “contracted out” pension could receive a lower pension amount.
Workers need at least 10 years of qualifying National Insurance record to receive any state pension.
To qualify for the full new state pension, which is currently £179.60 per week, you need a total of 35 qualifying years.
However, plenty have completed the full 35 years and are still not entitled to the full rate, and many have more than the required amount, which effectively cancels out the years they were contracted out for.
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