Updating on 15th
April 2014 @ 12.00 am.
There are several types of state pension, and different rates as to what is paid. Much depends upon your own personal circumstances insofar as your years of National Insurance Contributions and your marital status is concerned.
Pension Credit Payments are also dependent upon your personal circumstances, and are available to those who qualify for Pension Credit Payments.
The Basic Maximum Rate for State Pension for the year 2014 - 2015 is worth up to £113.10 per week for a single man or woman. This does not mean that you will automatically receive this amount of old Age Pension. Several things can lower this maximum rate. However, there are then other payments which are available to 'top up' your Old Age Pension to the maximum rate shown above.
The Basic State Pension will increase each year - every April - according to how much the Average Earnings have increased ( or by 2.5% or the Prices Index if these are greater. The minimum increase will be that of the Average earnings Index.)
For instance, if the average wages rises by only 1.8% and the Cost of Living Prices Index by 1.5% (Highly unlikely) you will receive and increase of 2.5%
There will be to the Pension Rate - and the State Pension System in 2016. But, the current page is in force until then.