Understanding the State Pension

The state pension is a government-provided income that offers a guaranteed financial support for life, with annual increases to keep pace with inflation. The current state pension age is 66, soon to rise to 67, and eligibility requires at least 10 years of national insurance credits, while a full pension necessitates 35 years. The new state pension is currently £221.20 a week, amounting to approximately £11,500 annually, with planned increments based on a mechanism known as the triple lock. This ensures that the pension grows with inflation rates, national average earnings, or a flat 2.5%, whichever is higher, which has proved favorable in recent years of high inflation.