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National Insurance Pension (State Pension) |
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National Insurance Pension (State Pension)Regular income from the state paid to retired people who have made contributions during their life. In the UK, the retirement age for men is 65 and for women is 60.To qualify individuals must have made full National Insurance (NI) contributions. Men must have worked for 44 years and women for 39 years, or have received a special waiver such as invalid care allowance.In April 1978 the government introduced another pensions scheme (the State Earnings Related Pensions Scheme or SERPS) to provide a pension related to the earnings of employed people only. SERPS was replaced by the Second State Pension or S2P in April 2002.Employees make payments to S2P and the NI Basic Pension by way of Class 1 National Insurance (NI) contributions. (Employers also pay Class 1 contributions on all the employee's earnings). Employees may elect to contract out of S2P and pay Class 1 contributions via a rebate which may be invested in an occupational pension or a personal pension plan.There are two main pensions: the NI Basic Pension and S2P. There is also an additional benefit, the Graduated Pension or Graduated Retirement Benefit. This was a state scheme which existed between April 1961 and April 1975 for people earning over £9 per week. People who were employees during any part of this period and who paid Graduated NI Contributions will receive a Graduated Retirement Benefit. Women over 60 and men over 65 can if they wish continue in employment even when they are receiving the NI Pension.Similar MatchesComprehensive insuranceComprehensive insuranceA term used to describe an insurance policy in which a wide range of risks are covered. Blanket insurance policyBlanket insurance policyA policy that covers more than one person or piece of property. Major medical expenses insuranceMajor medical expenses insuranceInsurance which pays out a lump sum if you have certain specified surgery. Contents insuranceContents insuranceInsurance which gives cover in respect of the contents of a home. This includes damage, theft or loss of items such as carpets, furniture, freezer contents, jewellery and cash etc. It is usual for the insurers to specify a maximum claim limit for each section of items covered. This information is listed on the policy schedule issued by the insurers. Contents insurance can be linked with buildings insurance in a combined policy provided by a single company. Insurance premiumInsurance premiumThe amount payable by the insured in return for indemnification against specified risks. Further SuggestionsGuaranteed replacement cost coverage insuranceLiability insurance Federal Deposit Insurance Corporation (fdic) Private Mortgage Insurance (PMI) Buildings insurance Conditional insurance Life insurance policy travel insurance Foreign Credit Insurance Association (FCIA) credit insurance Insurance broker National Insurance Insurance long term care insurance personal accident insurance National Insurance (NI) Basic Pension Financial guarantee insurance Guaranteed insurance contract Replacement cost insurance insurance premium tax Contents insurance Level term insurance homeowners insurance deposit insurance indemnity insurance |
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