The State Pension
The State Pension is a benefit provided by the government and is based on an individual's National Insurance contributions.
The eligibility age for the State Pension varies based on the individual's date of birth. The State Pension was overhauled in 2016 with the introduction of a simplified system for those who become eligible after April 6, 2016.
The old State Pension system, which applies to those who became eligible before April 6, 2016, consists of two components: the basic State Pension and the Additional State Pension. The basic State Pension is determined by the number of National Insurance contributions and credits an individual has, with 35 qualifying years being required to receive the maximum benefit.
The Additional State Pension may consist of benefits from three different schemes: the Graduated Retirement Benefit, State Earnings-Related Pension Scheme (Serps), and State Second Pension (S2P). The amount of the Additional State Pension depends on the individual's working history and earnings.
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