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The Old State Pension, consisting of the Basic State Pension (alongside the Graduated Retirement Benefit, the State Earnings-Related Pension Scheme, and the State Second Pension; collectively known as Additional State Pension), is a benefit payable to men born before 6 April 1951, and to women born before 6 April 1953.
The Act amended the timetable for increasing the state pension age to 66. Under the Pensions Act 2007, the increase to 66 was due to take effect between 2024 and 2026. This Act brought forward the increase, so that state pension age for both men and women began rising from 65 in December 2018 and reached 66 in October 2020.
Timeline of changes to the age at which eligible persons receive the United Kingdom State Pension. Timeline (1908–2030) 1] † [2] Notes This ...
Changes would take the full state pension to around £12,000 in 2025/26, after the £900 increase in 2023 ... Pre-2016 retirees who may be eligible for the secondary state pension could see a £ ...
Earnings in the lowest band are treated as though they were actually at the threshold of the next band. Thus, under SERPS, earnings of £10,000 a year would produce a pension of just £939 a year - 20 per cent of (£10,000 - £5,304) – whereas under S2P the same earnings would lead to a pension of £3,638 a year – 40 per cent of (£14,400 - £5,304) – nearly four times as much.
A 3.1% inflation figure released by the ONS will predict the rise in the value of the state pension from April 2022.
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The State Pension age is now 66 for both men and women, as of 2020. [43] All customers must move from JSA to either State Pension, or Pension Credit (if eligible) at the State Pension age. A special part-week payment of State Pension is paid for the benefit week including the customer's birthday, making the claim continuous.