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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 MatchesInsurance settlementInsurance settlementThe payment of proceeds by an insurance company to the insured to settle an insurance claim within the guidelines stipulated in the insurance policy. Federal Deposit Insurance Corporation (FDIC)Federal Deposit Insurance Corporation (FDIC)A federal institution that insures bank deposits. Mortgage life insuranceMortgage life insuranceA life insurance policy which pays off the outstanding balance of a mortgage in the event of the death of the insured. Travel insuranceTravel insuranceInsurance which gives cover to people travelling usually to foreign countries on holidays or business travel. Some of the benefits include reimbursement for medical expenses, loss of luggage and money, cancellation or curtailment, departure delay and loss of passport etc. Lump sums are payable for personal accident covering death, loss of limbs or eyes or permanent disablement. Certain legal expenses for claims against a third party causing injury to the insured are also payable plus personal liability cover if the insured causes injury to a third party or their property. The maximum amounts of cover for all the above cases are stipulated by the insurers. National Insurance (NI) Basic PensionNational Insurance (NI) Basic PensionThe basic state pension funded by a person's National Insurance Contributions over his working life and part of the National Insurance Pension. The rate at which the basic pension is paid is dependent on the person's National Insurance contributions record over his working life. Further SuggestionsNonparticipating life insurance policybank insurance fund contract of insurance Level term insurance Term life insurance Straight term insurance policy Financial guarantee insurance deposit insurance Insurance principle Marine Cargo Insurance Conditional insurance single premium life insurance Blanket insurance policy Loss of income insurance Foreign Credit Insurance Association (FCIA) Stock insurance company permanent health insurance (PHI) insurance premium tax Mortgage Life Insurance non participating life insurance policy Credit insurance convertible term insurance health insurance Insurance premium Multiple peril insurance |
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