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The Financial Times Guide to Wealth Management, 2nd Edition by Jason Butler

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CHAPTER 17

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 ...

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