Options available when an occupational pension is not provided
Your employer is required to offer you the chance to join a pension scheme. If an occupational pension is not provided then this would normally be a stakeholder or alternative personal pension.
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Much will depend upon your individual circumstances and objectives
Pension transfers can be complicated and you should always seek professional financial advice before going ahead. If you’re thinking about transferring your pension(s) into a new personal pension plan or Self-Invested Personal Pension (SIPP), remember; whether a transfer is suitable or not will very much depend upon your individual circumstances and objectives.
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Joining your employer’s scheme
Occupational pension schemes vary from company to company. Your scheme is likely to be one of two general types, final-salary related or defined contribution scheme.
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Putting off your claim for at least five weeks
By choosing to put off claiming your State Pension you can receive an extra State Pension. You must put off your claim for at least five weeks. For every five weeks you put off claiming you can earn an increase to your State Pension of one per cent. Extra State Pension is paid on top of your normal weekly State Pension. It continues for as long as you are getting State Pension. Extra State Pension is increased each April in line with increases to your State Pension.
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A gradual increase over two years every decade
State Pension age is the earliest age at which you can claim your State Pension. It is currently 65 for men and 60 for women. However, the State Pension age is changing and will increase between 2010 and 2046.
Currently, the State Pension age is 65 for men born before 6 April 1959. For women born on or before 5 April 1950, State Pension age is 60.
Continue reading “Changes to the State Pension age”
Important changes on the horizon
The additional State Pension, or State Second Pension, is paid in addition to the basic State Pension. Your entitlement to the additional State Pension (whether from SERPS – State Earnings-Related Pension Scheme, or from the State Second Pension) is calculated when you claim the basic State Pension.
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Building up enough ‘qualifying years’
The basic State Pension is a government-administered pension. It is based on the number of qualifying years gained through National Insurance Contributions (NICs) you’ve paid, are treated as having paid or have been credited with throughout your working life.
– If entitled, you can receive the basic State Pension when you reach State Pension age. This is 65 for men born on or before 5 April 1959 and 60 for women born on or before
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How the landscape for retirement planning has changed
The government introduced new pension rules, known as ‘pension simplification’, that became effective from 6 April 2006 (A-Day). This completely changed the pension landscape by creating a single universal regime that replaced the previous eight tax regimes.
Continue reading “Pension rules post A-Day”
A guide to understanding some of the basic terms used
6 April 2006 – the day that the pension simplification rules came into effect changing the way we can save for retirement.
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Figures show higher savings ratio
The Office for National Statistics (ONS) has published figures that show households are saving the biggest proportion of their incomes for six years.
Continue reading “Britons saving more”