Quote:
Originally Posted by SPUGGIE J
. The bit that annoys me about pensions is that everyone who has paid the minimum required amount of national insurance gets a state pension. Yet that is more or less saying that all are equal despite the fact that some will have paid more than others because ehey had a better rate of pay or did a regular shot of overtime.working.
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Is this quite right Spuggie ?
Basic State Pension (BSP)
The BSP is a flat-rate pension paid to anyone who has paid enough National Insurance contributions or has enough credits when they reach their SPA.
Currently, the full rate of BSP is payable if you have qualifying years of about 90% of the years in your working life. This is currently 39 years for a woman and 44 years for a man. Your working life begins at 16 and ends when you reach your SPA. The minimum BSP is payable if you normally have 10 or 11 qualifying years. This is normally 25% of the full rate. The more years you work or have credited then the more BSP you earn.