The full rate of the state pension is the weekly rate for the time being specified in regulations.

The reduced rate of the state pension for a person is the following proportion of the full rate—

$\genfrac{}{}{0.1ex}{}{1}{\mathrm{35}}\times \text{the person's number of qualifying years.}$

Once the full rate has been specified, the power to make regulations under subsection (1) may not be re-exercised so as to reduce the rate.