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State Pension |
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State 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.Similar MatchesInland Revenue Pension Schemes OfficeInland Revenue Pension Schemes OfficeSee: 'Pension Schemes Registry' of the Inland Revenue. Stakeholder pensionStakeholder pensionOn offer from April 2001, stakeholder pensions aim to provide a low-cost, transparent and flexible way for people to save for their retirement.£3,600, including basic rate tax relief, can be invested in the stakeholder pension each yearBasic rate tax - worth 22% - will be claimed on your behalf by the pension company running the pension. So the maximum you actually pay is £2,808 per year.Money invested in stakeholder pensions will be invested in the stock market. On retirement a quarter of the accumulated capital can be taken out as a tax-free cash sum, and the rest has to be used to buy an annuity which pays the retirement pension.Anyone in a company pension scheme earning less than £30,000 a year next year will be able to pay into a stakeholder pension at the same time as they make contributions to an occupational pension scheme.Employers with five or more employees who do not offer any kind of pension scheme will have to provide access to a stakeholder scheme. Master pension planMaster pension planSee: Prototype plan Pension planPension planA fund that is established for the payment of retirement benefits. Simplified employee pension planSimplified employee pension planA pension plan, set up by an employee, in which both employer and employee contribute to an Individual Retirement Account (IRA). Further Suggestionspension mortgageappropriate personal pension plan Unfunded pension plan Pension plan equivalent pension benefit Personal pension Pension Benefit Guaranty Corporation pension fund personal pension scheme National Insurance (NI) Basic Pension Pensions Compensation Board pension credit Pension sponsors State Second Pension basic state pension defined benefit pension plan unfunded pension plan Pension Schemes Registry State Earnings Related Pension Scheme executive pension plan occupational pension scheme National Insurance Pension (State Pension) Funded pension plan Keogh pension plan Pension reversion |
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