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FT Guide to Wealth Management by Jason Butler

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14

State and private pensions

Most UK residents will qualify for a State pension. There are two government-administered State pensions – the basic and additional State pensions.

Basic State pension

The basic State pension (BSP) is a taxable, flat-rate pension payable from State pension age (SPA) to anyone who has built up a sufficient number of qualifying years through payment of National Insurance contributions (or received National Insurance credits – NICs). The maximum (sometimes referred to as ‘full’) BSP for a single person in 2011/2012 = £102.15 per week.

Since 6 April 2010 a person must have 30 qualifying years for full entitlement to BSP. Entitlement is reduced by 1/30th for each qualifying year below 30. Qualifying years relate ...

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