The state pension is the basic level of pension that is paid to individuals who have paid National Insurance over the course of their working lives.
The basic state pension increases in line with price inflation. Payments are made to claimants weekly. However the amount varies from person to person and is also reviewed and changed every year.
The government recently announced a flat-rate state pension is to be introduced worth £140 per week. It is possible to defer when you receive your state pension and take the months or years that you deferred on as a lump sum payment.
The state pension is administered by The Pension Service and they will usually contact the recipient a few months before they are entitled to claim it.
- Inflation fall means state pension increase will be 2.5%
- ONS: More men than women working beyond state pension age
- £130k annuity pot needed to get same income as new state pension
- State pension system is to complex and "would baffle Einstein"
- Basic state pension rises to £107.45 a week
- Cameron calls for review of flat rate state pension plans
- A guide to the flat rate state pension
- OECD says 67 will be new global state pension age
- Over 50s will have to work 11 years beyond state pension age
- Universal state pension plans announced