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Basic State Pension

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Basic State Pension

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State second pension
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There are two parts to the State pension: the basic State pension and an additional pension, or State Second pension (S2P). The additional pension acts as a top-up to the basic State pension, for employees boosting their income in retirement. The S2P reflects an employee’s earnings throughout their working life. The additional State pension used

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Planning for Early Retirement

We all want to enjoy our retirement and most want to wind down in their later years. For some retirement does not mean 65 years of agel… you could be moving to a warmer climate, travelling the world, or just kicking back to relax much earlier if you prepare well. Points to consider with early

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Pension Contribution Requirements

Obviously the two most important factors in determining how much you should contribute towards your retirement planning are what you want to retire with and how long you have to get to that level. You should therefore ask yourself the following 2 questions: 1. What lifestyle do you want or expect to retire with? 2.

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Five Basic Pension Questions
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As a pension is considered to be income for retirement, many Britons merrily work and save, safe in the knowledge that this pension fund will keep them secure and comfortable in old age. The BBC has now become the first major public organisation to make large alterations to its existing pension scheme. From now on,

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Pension Age Will Increase
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In order to keep costs at previous levels, pension age will have to be increased to 72 Rising costs mean that the government will have to increase the pension age to 72 from 65 so that they can keep costs at the same level they were in the previous generation. According to the Pensions Policy

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State Second Pension (S2P)

This is the name given to the current additional State pension, and it replaced SERPs. The State Second Pension is paid in addition to the basic State Pension and is based on the person’s actual or deemed earnings. The S2P is designed to give low and moderate earners (as well as carers and people with

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State Pensionable Age

This is the age at which people can start to receive the basic State Pension and State Second Pension or other additions State pension, such as SERPs. The currently State pensionable age is 60 women and 65 for men. By 2020 the State pensionable age for both men and women will be 65. Due to

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Basic State Pension

There are two parts to the State pension: the basic State pension and the additional State pension. The basic State Pension is a flat-rate pension paid to anyone who has made enough National Insurance Contributions (or has enough credits) when they reach the State pensionable age. To get the full basic State pension you should

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SERPs

This stands for the State Earnings Related Pension Scheme and it was the State additional pension between April 1978 and April 2002. It relied on just employee’s National Insurance Contributions. The self-employed did not contribute to SERPs The SERPSs scheme was replaced in 2002 with the current State Second Pension. The main aim of SERPs

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Additional State Pension

The State Pension is made up of two elements, the basic State Pension and the additional State pension. Only employees qualify for the additional State pension, which is now referred to as the State Second Pension or S2P. Before April 2002, the additional State pension was known as SERPS (State Earnings Related Pension Scheme). The

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