- The state pension is guaranteed for life and benefits from generous uplifts
- If you are not entitled to the full amount you can claim or buy credits to boost your entitlement
- It may not be worth doing this if you are a long way from retirement or risk losing your Personal Allowance
Although the state pension may not be your largest source of retirement income it is arguably the most important element. It will provide a guaranteed income for the rest of your life and benefits from a generous annual uplift. The 'triple lock' increases the level of the state pension each new tax year by the highest of 2.5 per cent, average increase in UK earnings or consumer price index (CPI) inflation in September the year before.
If you reached state pension age on or after 6 April 2016 you currently receive up to £185.15 a week or £9,627.80 a year. If you are a man born before 6 April 1951 or a woman born before 6 April 1953 and reached stage pension age before 6 April 2016, the basic state pension currently pays up to £141.85 a week or £7,376.20 a year, which in some cases is topped up with an additional state pension or extra amounts from your workplace pension.