| UPDATED: 14:18, Thu, Jan 7, 2021
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State pension payments are overseen by the Department for Work and Pensions (DWP), responsible for ensuring pensioners receive the correct amount to which they are entitled. At present, the full state pension sum stands at £175.20 per week but is dependent on National Insurance contributions made throughout a person s lifetime. It is, however, important to note the government states a person may receive less if they were contracted out before April 6, 2016.
| UPDATED: 14:38, Thu, Dec 31, 2020
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Pension schemes have been aided somewhat by the auto-enrolment process, which means all those eligible are automatically placed onto an arrangement. However, there still remains the option for Britons to opt out or temporarily stop their contributions. This is likely to be the situation facing a number of people as the financial impacts of the COVID-19 pandemic become palpably felt.
| UPDATED: 22:29, Tue, Dec 15, 2020
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Negative interest rates have been speculated over the last few months, as returns on money put away have been dire for savers. In March, the Bank of England took the decision to decrease its base rate to a record low of 0.1 percent, causing many familiar providers to follow suit. The central bank also said it would keep negative interest rates considered as a measure “in the toolbox” should it be necessary to deploy in the future.