³ÉÈËÓ°Òô

State pension


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance

State pension


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
imgtext

Introduction

The state pension is paid from the National Insurance Fund, with contributions by current taxpayers used to fund the current state pensions. There is no investment to meet the future pension needs of current taxpayers.

Reaching state pension age prior to 6 April 2016

Where the individual reached state pension age before 6 April 2016, there are three types of state pension payable in the UK:

  1. •

    category A ― the basic state pension and state second pension (S2P, formerly SERPS), based on the individual’s national insurance contribution (NIC) record

  2. •

    category B ― the basic state pension and S2P, based on the taxpayer’s spouse or civil partner’s NIC record (can be claimed if the spouse / civil partner’s record is better than their own)

  3. •

    category D ― the supplement payable to those pensioners over 80 years old irrespective of contribution record

Categories A and B are mutually exclusive; an individual cannot claim a state pension under both. However, taxpayers in receipt of a category A or B pension are entitled to a category D supplement once

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 03 Dec 2024 08:20

Home/ Tolley Tax Guidance/ Personal Tax / Main tax return

Popular Articles

Personal Tax

Inter-spouse transfer

Inter-spouse transferIntroductionWhen a chargeable asset is transferred between two spouses or civil partners, there is a disposal by the transferor spouse / civil partner and an acquisition by the transferee spouse / civil partner for capital gains tax purposes. For simplicity, spouses and civil

14 Jul 2020 12:01 | Produced by Tolley Read more Read more
Corporation Tax

FRS 102 ― tax presentation and disclosures

FRS 102 ― tax presentation and disclosuresPresentation of tax under FRS 102An entity must present changes in a current tax liability (or asset) and changes in a deferred tax liability (or asset) as a tax expense (or income) unless the item creating the current or deferred tax amount is recognised in

14 Jul 2020 11:46 | Produced by Tolley in association with Malcolm Greenbaum Read more Read more
Employment Tax

Fuel-related payments / mileage payments

Fuel-related payments / mileage paymentsIntroductionMost employers will make payments to employees in relation to business travel. Among the most common payments in relation to business travel are fuel and mileage payments. If an employer does not reimburse these amounts, then the employee will be

14 Jul 2020 11:46 | Produced by Tolley in association with Philip Rutherford Read more Read more