The state pension is a sum of money that most Britons can expect receive in some form.
It is paid out after you reach state retirement age, which depends on when you were born.
The full basic state pension is £125.95 per week.
It is usually paid every four weeks, and the exact amount you get depends on your national insurance contributions.
Can state pension be paid into a savings account?
The state pension can be paid into any account you choose.
When you sign up to receive your payments you will provide bank details.
The Pensions Advisory Service states: “Your State Pension is normally paid every four weeks straight into your bank account.
“When you claim your State Pension, the Pension Service will give you information about the different types of bank, building society, credit union and Post Office accounts you can use.”
When the pension is paid into your account depends on your national insurance number.
Britons will be informed as to what date to expect their payments.
However, there are some stipulations, and not all accounts are eligible.
The government states on its website: “You can get the money paid into any account, apart from a Nationwide Building Society account in someone else’s name.”
What is the UK state pension age?
State pension age depends on when you were born, so it’s worth using this government tool in order to find out.
In order to calculate your state pension age, you’ll need to provide your date of birth, as well as your sex.
Pension scams are rife in the UK, as criminals attempt to steal Britons hard-earned private pension.
Now experts have revealed scammers use these ‘red light’ words to rob Britons of £91,000 on average.
Pensions advice specialists, Portafina, have offered their tips on how to avoid scams and check legitimacy.