state pension

The State Pension is a government-provided payment to individuals once they reach retirement age, meant to provide financial support in their later years. It’s funded primarily through National Insurance contributions made by workers and employers during their working lives. In the UK, the amount you receive depends on your National Insurance record, including how many qualifying years you have contributed. The State Pension helps retirees cover essential living expenses, aiming to reduce poverty and ensure a basic standard of living for older adults. It is a critical component of the welfare system in many countries.