State pensioners born before 1953 warned they will wake up to 'less money'

State pensioners born before 1953 have been warned they are getting less money than their younger counterparts. Older pensioners born before April 6, 1951 for a woman or April 6, 1953 for a man, can only get the basic state pension, which is £169.50 per week.

Those born after those dates qualify for the full new state pension which is £221.20 per week. The maximum 'new' State Pension is £221.20 a week, though you may get more or less than this depending on your individual circumstances. This comes under the flat-rate 'new' State Pension system, which began on 6 April 2016.

Under the old scheme, the maximum 'basic' State Pension is £169.50 a week, though you may get more or less than this depending on your individual circumstances. Money Saving Expert explains: "You receive the State Pension when you reach the Government's official retirement age.

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"What that is depends on when you were born. The current State Pension age is 66 for both men and women." The group, founded by BBC and ITV star Martin Lewis, explains: "To cut costs, the official retirement age is gradually being raised.

"It has increased to 66 for men and women since April 2020, then it will rise to 67 by 2028, with a further rise to 68 due between 2044 and 2046." Some people can get more than £221.20 a week. Under the previous State Pension rules, workers were able to build up what's known as the additional State Pension (also called the state second pension, S2P or SERPS) – a top-up to the former basic State Pension.

There are three main ways you can increase the amount you receive in your State Pension – claiming free NI credits, buying extra years, or deferring. MSE says: "The first is a no-brainer, but the other two options need to be considered carefully."