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.

	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.
	ONS: More men than women working beyond state pension age The Office for National Statistics reveals that more men than women and a higher proportion of self-employed workers are working beyond state retirement age.
	£130k annuity pot needed to get same income as new state pension The government is set to introduce a new flat rate state pension in 2017 and pensioners would need a £130,000 annuity pot to get the same amount of money, according to research from Prudential.
	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.
	State pension system is to complex and "would baffle Einstein" 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.