This is the money the government currently gives each year to people over 'state pension age' (which is currently age 66, but set to rise to 68, and quite likely to rise again after that). It is currently about £8,750 a year.

To get the full amount you need to have paid national insurance contributions for at least 35 years, otherwise you will receive less than this. Each year the amount of the state pension does increase a bit, but this is to keep up with increases in living costs (AKA inflation).

Don’t confuse the state pension with auto-enrolment, workplace or private pensions (all explained above). The state pension is totally separate to other pensions and isn’t linked to any other contributions.

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