STATE AND PRIVATE PENSIONS
‘My dad loves what I do and I support my parents financially because they didn’t have a job that gave them a pension.’
Marilyn Manson, American musician, songwriter, actor, painter
There are two government-administered state pensions in the UK – 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 2014/2015 is £113.15 per week.
People retiring between 6 April ...