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From 6 April 2010 until 5 April 2016, men born after 5 April 1945 and women born after 5 April 1950 needed 30 qualifying years for a full Basic State Pension, with a single qualifying year required to get any State Pension. Since 6 April 2016, 35 qualifying years are needed to receive the full new state pension.
The state pension is based on years worked, with a 35-year work history yielding a pension of £203.85 per week. [1] It is linked to wage and price increases. Most employees and the self-employed are also enrolled in employer-subsidised and tax-efficient occupational and personal pensions which supplement this basic state-provided pension.
Timeline of changes to the age at which eligible persons receive the United Kingdom State Pension. Timeline (1908–2030) 1] † [2] Notes This page ...
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The full state pension is set to rise by £460 from next April, according to official wage figures. ... flat-rate state pension go up to £11,962.60 a year from next April – a rise of £460 ...
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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.
It incorporated the main findings of the all-party Pensions Commission in 2006 as set out in the white paper Security in retirement: towards a new pension system [2] published in May 2006. The key provisions were: [3] Reduction of the qualifying years for a full basic State Pension from 44 years for men and 39 years for women to 30 years for both.
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