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Pension credit |
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Pension creditA state benefit due to be introduced in 2003 which is intended to reward people who have saved for their retirement. Pensioners will receive a credit of 60p for each pound derived from a source other than the basic state pension, subject to an overall income limit of £135 per week for a single pensioner and £200 for pensioner couples.Similar MatchesNational 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. Occupational Pensions Regulatory AuthorityOccupational Pensions Regulatory AuthorityThe Authority set up under the Pensions Act 1995 to make occupational pensions more secure. State PensionState PensionRegular 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. The basic state pensions is currently £77.45 a week for single people and £123.80 for couples (2003-2004). This rises in line with price inflation.To qualify individuals must have made full National Insurance contributions. Men must have worked for 44 years and women for 39 years, or have received a special waiver such as invalid care allowance. Personal pensionPersonal pensionA structured personal savings and investment plan to provide for your financial needs after you retire. You can use some or all of the proceeds from a personal pension to pay off an interest-only mortgage. You will need to arrange life assurance separately to a personal pension. Pension Benefit Guaranty Corporation (PBGC)Pension Benefit Guaranty Corporation (PBGC)A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation). Further SuggestionsSimplified Employee Pension (SEP) planNational Insurance Pension (State Pension) group personal pension appropriate personal pension plan Unfunded pension plan State Second Pension Salary Reduction Simplified Employee Pension Plan (SARSEP) occupational pension scheme pension plan pension mortgage Pension plan unfunded pension plan Pension mortgage simplified employee pension plan Overfunded pension plan Pension sponsors defined benefit pension plan pension forecast Pension plan Contingent pension liability company pension scheme Pension liabilities Pension Schemes Registry Keogh pension plan defined contribution pension plan |
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