State pension changes: how will you be affected?
The new state pension is being launched by the government amid fears that people are living for longer but not saving enough for their later years.
The revolution hands savers more power - but also more responsibility - over how much retirement cash they end up with.
What are the main changes?
The current state pension system is made up of two parts - the basic state pension and the additional state pension.
From Wednesday, the full new pension has a single-tier flat rate of £155.65 a week or or £8,094 a year.
This is a £39.70 weekly rise on the current full basic state pension of £115.95, or £6,029 annually.
What do you need to do?
To get a new state pension, people will generally need at least 10 years of National Insurance (NI) contributions and 35 years of contributions (up from the current 30 years) to get the full rate.
Contributions could come from paying money in as well as NI credits.
Who will benefit from the changes?
The winners include the self-employed or those who have taken time out of work to care for family members.
Who will lose out?
According to Age UK, around 70,000 people in their 50s and 60s will miss out entirely on the new state pension between now and 2030.
It said 50,000 women and 20,000 men do not have the minimum number of qualifying years of NI contributions. The benefits of the new state pension will also diminish for younger generations.
Who can claim?
You’ll be able to claim the new state pension if you are a man born on or after 6 April 1951 or a woman born on or after 6 April 1953.
By 2018, the State Pension age for women will rise to 65 (the same as for men). The State Pension age for women and men will then increase to 66 by 2020 and to 67 by 2028.
Why are the changes being made?
The changes aim to make the pension system simpler and give people a clearer idea from a younger age of how much retirement income they are likely to get.
The government has produced a myth-busting fact sheet on the changes to the state pension.