State pension

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.

	Double the level of state pension needed for happy retirement LV= puts the cost of a happy retirement at around £225,000, which means not everybody will be able to afford their ideal life once they stop work.
	State pension age to be raised to 69 from late 2040's Plans to increase state pension age to 68 will be brought forward from 2046 to the mid 2030s and the state pension age will rise further to 69 by the late 2040’s.
	One in seven to rely on state pension in retirement Prudential reveals 14 per cent of Brits have yet to grasp the importance of saving a pension and are relying on the state pension to fund their retirement.
	New state pension changes will harm young people, says IFS The Institute for Fiscal Studies claims that young people will be hit the hardest under the planned pension reforms.
	More women work beyond 60 due to changes to state pension age A new study by the Institute of Fiscal Studies (IFS) reveals that more women are working beyond the age of 60 because of changes to the state pension age.