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Basic state pension |
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Basic state pensionSee 'state pension'.Similar MatchesPension mortgagePension mortgageA type of interest-only mortgage where your mortgage payments are combined with payments into your personal pension fund. This is designed to mature on your retirement, so the mortgage loan term must end between the ages of 50 and 75 unless the borrower is in an industry where the Inland Revenue permits earlier retirement. The pension also needs to provide you with an income during retirement, so only twenty five percent of the pension fund can be taken as a lump sum to pay of your mortgage. Pension Schemes RegistryPension Schemes RegistryThe Register of all occupational and personal pension schemes. The main objectives are to obtain and record details of all occupational and personal pension schemes and their predecessors, maintain the Register and keep it up to date and to use it to carry out searches on request by members of the public. Funded pension planFunded pension planA pension plan in which all liabilities, including payments to be made to pensioners in the immediate future, are completely funded. Contingent pension liabilityContingent pension liabilityUnder ERISA, a firm is liable to its pension plan participants for up to 39% of the net worth of the firm. State Second PensionState Second PensionIn April 2002 the State Second Pension replaced the State Earnings Related Pension Scheme (SERPS) to pay a top-up pension based on employed people's earnings. Anyone earning over £3,500 but under £9,500 a year will be treated as if they earn £9,500 so their S2P could be as much as doubled. People earning between £9,500 and £21,600 will see a smaller increase. There will be no change for people earning over £21,600.Carers on less than £3,500 a year or who have no earnings will get credits for the S2P and will be treated as if they earn £9,500 a year. To qualify for credits they must get child benefit for a child under 6, be entitled to invalid care allowance or get home responsibility protection because they are caring for a sick or disabled person.Later on S2P will change and anyone earning over £9,500 will be better off opting out in favour of a private or occupational pension scheme. Further Suggestionspersonal pension schemegroup personal pension executive pension plan Unfunded pension plan Pension plan Simplified Employee Pension (SEP) plan simplified employee pension plan pension credit guaranteed minimum pension Pension plan Pension sponsors stakeholder pension defined contribution pension plan National Insurance Pension (State Pension) National Insurance (NI) Basic Pension Overfunded pension plan pension fund occupational pension scheme deferred state pension non contributory pension plan pension plan unfunded pension plan Underfunded pension plan Pension Benefit Guaranty Corporation (PBGC) Keogh pension plan |
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