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.

	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.
	Over 50s will have to work 11 years beyond state pension age Nearly half of Britain’s over 50s could be forced to work for more than a decade beyond state pension age to keep their standard of living, a report warns.
	One in six people retiring will rely solely on state pension New research from the Prudential reveals that one in six peoplke retiring this year have no private pension provision and that the problem is worse for women.
	2012 babies won't receive state pension until age 77, says PwC A new report says that increased life expectancy means that babies born in 2012 should expect to work until they are 77 and there children won't receive state pension until aged 84.
	A guide to the flat rate state pension The flat rate state pension is the most popular alternative for state pension reform in the UK but what is it, how will it work and when will it be introduced?