New state pension | Practical Law

New state pension | Practical Law

New state pension

New state pension

Practical Law UK Glossary 0-626-8554 (Approx. 3 pages)

Glossary

New state pension

The state pension payable in the UK to individuals who reach state pension age (SPA) on or after 6 April 2016 (section 1, Pensions Act 2014). The new state pension provides a single flat-rate weekly payment, based on an individual's National Insurance contributions (NICs) record. For the 2024/25 tax year, the full rate is set at £221.20 a week.
The new state pension replaced the basic state pension and additional state pension on 6 April 2016. Individuals who reached SPA before 6 April 2016 will continue to be entitled to the basic state pension, supplemented by the additional state pension.