| UPDATED: 21:18, Fri, Mar 12, 2021
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State Pension payments are provided to people who have reached an eligible age and who have put forward a certain number of National Insurance contributions. The amount is overseen by the Department for Work and Pensions (DWP), responsible for ensuring all pensioners receive the amount to which they are entitled. It is usually the case a person will need at least 10 qualifying years of National Insurance contributions to receive any state pension at all.
| UPDATED: 14:56, Fri, Mar 5, 2021
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The State Pension triple lock ensures the sum eligible retired Britons receive from the Department for Work and Pensions (DWP) rises each year. The state pension triple lock was introduced by the then-coalition Government in 2010 to ensure the state pension would not lose value in real terms. State pensioners can expect to see their sum rise each year by the highest of the following factors: 2.5 percent, inflation or earnings growth.
| UPDATED: 14:48, Tue, Mar 2, 2021
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State Pension payments ultimately vary according to a person’s National Insurance contributions, however, the full sum currently stands at £175.20 per week. The Triple Lock Mechanism ensures pensioners receive an increase each year by the highest of the following: 2.5 percent, inflation, or average earnings growth. Due to Brexit, there were concerns pensioners who retired overseas could miss out on the annual uprating.
STATE PENSION payments are a valuable form of income for many during retirement, once the person has reached state pension age, that is. Fears about the future of the state pension triple lock are mounting ahead of Rishi Sunak s Spring Budget next week.
STATE PENSION changes are a possibility there has been speculation about ahead of the Spring Budget on March 3. It s not known what Chancellor of the Exchequer Rishi Sunak will announce, however some may decide they want to make preparations just in case.