The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
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.
Where the individual reached state pension age before 6 April 2016, there are three types of state pension payable in the UK:
Categories A and B are mutually exclusive; an individual cannot claim astate pension under both. However, taxpayers in receipt of acategory A or B pension will be entitled to acategory D supplement once they reach 80 years of age.
Where the individual reaches state pension age on or after 6 April 2016, the single-tier state pension applies. The GOV.UK website helpfully states that this will apply for men born on or after 6 April 1951 and women born on or after 6 April 1953. All previous NIC records are recognised.
The amount received depends on the individual’s NIC record. For details of how the amount is calculated, see the GOV.UK website .
The single-tier pension is designed to address some of the problems of
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