State pension shortfall warning with thousands missing £725 from payments

State pensioners have been warned they are losing out on £60 a month. Figures from the Department for Work and Pensions (DWP) reveal that the average full state pension payout for men is £209.49 a week, while women receive on average £205 a week.

The average of these two amounts - £207.25 a week - is £13.95 a week below the full new state pension of £221.20, or £60.45 a month or £725 a year. Your new State Pension age is based on your National Insurance record when you reach State Pension age. You will usually need to have 10 qualifying years on your National Insurance record to get any new State Pension.

You may get less than the new full State Pension if you were contracted out before 6 April 2016. You may get more than the new full State Pension if you would have had over a certain amount of Additional State Pension under the old rules.

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You’ll need 35 qualifying years to get the new full State Pension if you don’t have a National Insurance record before 6 April 2016. When you’re working you pay National Insurance and get a qualifying year if you’re employed and earning over £242 a week from one employer or you’re self-employed and paying National Insurance contributions.

You might not pay National Insurance contributions because you’re earning less than £242 a week. You may still get a qualifying year if you earn between £123 and £242 a week from one employer. You may get National Insurance credits if you can’t work because you are ill or have a disability, you’re a carer or you’re unemployed and claim certain benefits such as Child Benefit for a child under 12 (or under 16 before 2010), Jobseeker’s Allowance or Employment and Support Allowance or Carer’s Allowance.

You might be able to pay voluntary National Insurance contributions if you are not in one of the above groups but want to increase your State Pension amount.