State second pension

The state second pension or S2P is an additional state pension that can be paid out to individuals who have not made enough National Insurance contributions to qualify for the full state pension.

The second state pension or additional state pension used to be linked to the state earnings-related pension scheme or SERPS. If you have a company or private pension you may have elected to opt-out of the additional state pension.

If your spouse or civil partner dies you may be able to inherit some of their second state pension.
 

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The government is set to introduce a new flat rate state pension in 2017 nad pensioners would need a £130,000 annuity pot to get the same amount of money, according to research from Prudential.

Inflation figures provided some relief to the Governor of the Bank of England today

Inflation fall means state pension increase will be 2.5%

The consumer prices index fell to 2.2 per cent, a 34-month low but analysts expect inflation to rise again in the coming months via higher food, utility and fuel prices.

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The Department for Work and Pensions says that the state pension system is too complex and that payments to recipients can vary by £200 a week as it sets out plans for a new white paper.

David Cameron is considering other options rather than the flat rate state pension

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The basic state pension is now £107.45 per week

Basic state pension rises to £107.45 a week

The basic state pension has risen by £5.30 or 5.2 per cent to £107.45. The increase is based on the level of the consumer prices index in September 2011.

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