Flat Rate State Pension (FRSP)
A summary of the Flat Rate State Pension which took effect from April 2016 is given below:
- New rules for calculating State Pensions took effect from 6 April 2016.
- These changes announced in the Pensions Act 2014 which received Royal Assent in May 2014.
- For people reaching State Pension Age after 6 April 2016 the current State Pension, made up of Basic State Pension (BSP), Additional State Pension (ASP) and Graduated Pension (GP) will be replaced by the new Flat Rate State Pension (FRSP), the maximum amount of which was £155.65 per week in 2016.
- BSP and ASP will cease to accrue from 6 April 2016.
- From April 2020 the maximum Flat Rate State Pension is £175.20 per week.