"The most common remains the state pension, designed to give people a regular retirement income from the government. This may be coming later than expected for younger generations, after Labour minister Liz Kendall announced a review of the state pension age earlier this year. The government reviews the state pension age every six years, which is currently 66 but is already set to rise to 67 in 2028."
"Whenever they get it, those who qualify for the state pension will be eligible regardless of whether they have other incomes or pensions, as it is based on contributions made whilst earning an income. It will be paid at different rates based on these contributions, up to a maximum of 230.25 per week, or 11,973 a year. This currently increases every year in line with the triple lock."
State pension provides a regular retirement income based on National Insurance contributions and is the most common pension in the UK. Eligibility does not depend on other incomes or private pensions. The pension is paid at different rates according to contributions, up to a maximum of 230.25 per week (11,973 a year). Annual increases follow the triple-lock guarantee, rising by the highest of CPI inflation from the previous September, average UK earnings growth, or 2.5 per cent. The state pension age is under periodic review and is set to rise from 66 to 67 in 2028. Payments are made every four weeks after first claim.
Read at www.independent.co.uk
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