The new State Pension, brought in on April 6th 2016, will introduce a new flat rate of weekly pension payment. This is however based on a minimum term of paying National Insurance for ten years either by making voluntary contributions or through employment. Your National Insurance record will be used to determine how much of the maximum payment you receive and is taxable, though your personal circumstances will dictate how much this will be. If you have reached State Pension age before or on 6th of April 2016 the previous system will apply to you.
