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state pension tax
The State Pension is an existing benefit that forms part of the United Kingdom Government's pension arrangements. Benefits vary depending on the age of the individual and their contribution record. Currently anyone can make a claim, provided they have a minimum number of qualifying years of contributions.
People who reached state pension age before that date receive the pre-2016 or "old" State Pension, which consists of a basic flat-rate amount and an additional earnings-related pension that reflects a person's earnings history. People who reach state pension age on or after 6 April 2016 receive the New State Pension, a single-tier amount intended to be simpler than the previous system. Under the new rules most people need at least ten qualifying years on their National Insurance record to receive any State Pension and 35 qualifying years to receive the full new State Pension, although transitional rules and past periods of contracting out mean that many individuals get more or less than the headline rate.
The weekly amount of State Pension is normally increased each April for pensioners living in the UK and in certain other countries. Under the government's "triple lock" commitment, the basic and new State Pension are uprated by the highest of earnings growth, price inflation or 2.5 per cent. State pension age, which for many years was 60 for women and 65 for men, is now 66 for both and is legislated to rise to 67 between 2026 and 2028 and to 68 between 2044 and 2046, subject to periodic review.
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People who reached state pension age before that date receive the pre-2016 or "old" State Pension, which consists of a basic flat-rate amount and an additional earnings-related pension that reflects a person's earnings history. People who reach state pension age on or after 6 April 2016 receive the New State Pension, a single-tier amount intended to be simpler than the previous system. Under the new rules most people need at least ten qualifying years on their National Insurance record to receive any State Pension and 35 qualifying years to receive the full new State Pension, although transitional rules and past periods of contracting out mean that many individuals get more or less than the headline rate.
The weekly amount of State Pension is normally increased each April for pensioners living in the UK and in certain other countries. Under the government's "triple lock" commitment, the basic and new State Pension are uprated by the highest of earnings growth, price inflation or 2.5 per cent. State pension age, which for many years was 60 for women and 65 for men, is now 66 for both and is legislated to rise to 67 between 2026 and 2028 and to 68 between 2044 and 2046, subject to periodic review.
View More On Wikipedia.org