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In the UK, the Department for Work and Pensions will notify you 4 months before your normal retirement age to let you know that you can begin the process of claiming your state pension. You can now do this via online if you are within the 4 month window before your state pension age. (See the related link)

Additional information about other types of pension.

In the UK, in addition to the state pension, there are also personal pensions and occupational pensions.

A personal pension is a pension that you set up [ordinarily] yourself, and it is held with a life insurance company or bank.

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What is the current retirement age in the uk?

The current retirement age in the UK is gradually increasing to 68 by 2046, as outlined in the Pensions Act 2014. It was previously 65 for men and 60 for women, but changes are being made to align the retirement age for both genders.


How do you get your retirement or pension?

(UK Answer) There are in essence three types of pension plan in the UK. Each have a number of different processes that are required in order to start the process of claiming your pension. These are:- 1) Your state pension. A pension paid to you by the Department for Work and Pensions based on your national insurance record from during your working life 2) Any personal pensions. These are pensions that you have chosen to save within during your working life. These could be with a Life insurance company or a bank. 3) Any occupational pension pensions. These are pensions that are set up and managed by your employer. There are various types of occupational pension schemes that exist. How to claim your state pension (1) Shortly before your normal retirement age you will receive correspondence from the department for Work and Pensions explaining your entitlement to a state pension. However, if you are within 4 months of your state pension age, you can claim your state pension online here: check link 1. How to claim your personal pensions (2) You are able to begin drawing any personal pensions any time after your 55th birthday. It is also possible to access the tax free cash entitlement after your 55th birthday without drawing the income. This is of particular interest to those that are looking to repay mortgages or other associated debts. It should be noted that this course of action would almost certainly reduce the amount of income that you receive when come to take full retirement. Financial advice is essential. check link 2. It's a service that can connect you with a specialist financial adviser that can provide you with assistance in this area. How to claim your occupational pensions (3) Your occupational pensions will ordinarily have a "NRD" (normal retirement date) this is the date from which you can commence drawing your pension from this scheme. However, if you are over 55 it is ordinarily possible to access your pension lump sum and income. Each scheme can have different rules, so it is important to get full information from your former employer. If you have lost your former employers' information, you can use the pension tracing service which is free of charge and can be found here: check link 3.


How do you find out what pension you will get on retirement?

(UK Answer) There are in essence three types of pension plan in the UK. Each have a different method of obtaining a projection of your future retirement benefits. These are:- 1) Your state pension. A pension paid to you by the Department for Work and Pensions based on your national insurance record from during your working life 2) Any personal pensions. These are pensions that you have chosen to save within during your working life. These could be with a Life insurance company or a bank. 3) Any occupational pension pensions. These are pensions that are set up and managed by your employer. There are various types of occupational pension schemes that exist 1) State Pension forecast Your state pension is calculated by your national insurance record that you build up during your working life. You can obtain a projection of your state pension online. (See the related link) 2) Personal Pension Projections Your pension provider, for example a life insurance company or bank will be able to provide you with an indication of how much your pension will be when you come to retire. Pension projections and statements can be complicated to understand, and therefore you might like to consider taking financial advice. 3) Occupational Projections Your employer, or the payroll/HR department will usually be able to tell you whom you should contact in order to obtain a projection of your future benefits. If you no longer work for the employer that set up your pension plan you may like to try the pension tracing service, which can be found online. (See the related link) There are different types of occupational pension schemes. However, these could be broadly classified in to 2 types. Firstly, Defined Benefit or Final Salary. This is where you will receive a known amount of income based on your years-service for your employer and your income either throughout your employment history or your salary in the final year before retirement. Secondly, there is Defined Contribution or Money Purchase. This is where the amount of income at the end of your working life is based on the amount of contributions that are made by you or your employer throughout your working life.


How do stakeholder pensions work?

Stakeholder pensions work through a system where you make a contribution of a certain amount. This payment will be made to a pension provider who will invest this amount further with a system which will be supervised under certain governmental regulations.


UK Pension and Old Age Pension?

The UK Pension is divided into seven major categories. The following categories represent the seven: Basic State, Occupational Pensions, State Second Pensions, Stakeholder Pensions, Personal or Individual Pensions, and Group Personal Pensions. In the UK, the state provides a basic pension that is designed to prevent poverty during old age. Men must be over the age of 65 and women must be over the age of 60 to get this UK pension. The goal is to equalize the pension age, and the government plans to have the age equal by the year 2020. The Old Age Pension was first introduced in 1909. The initial payment was 5 shillings per week. The Old Age Pensions Act 1908 stated that the qualifying age for this UK pension was 70. There is an extra state pension available to those paying National Insurance, and other qualifying groups in the UK. Furthermore, participation in the Additional Pension Scheme is voluntary; this differs from the Basic Pension that is mandatory for all that work in the UK. Those that do not wish to participate can opt out of this program. The Occupational Pension Schemes in the UK are provided specifically to employees by their employers. Traditionally, this pension plan was popular; however, the number of employers that participate in this UK pension scheme has decreased. Employers have closed most of their Occupational Pension Schemes to new employees. As a result, they offer a plan called money purchase or defined contribution arrangements. The Occupational Pension pays into a specified fund, and the fund is then used to purchase the UK pension. The pension amount is determined by the value of the fund at the time of retirement. In addition, the health of the annuity also makes a difference in the pension amount received. The Occupational Pension Schemes are traditionally jointly funded by both the employer and the employee. The employee can contribute up to 6% of their salary tax free. In the UK a non contributory pension scheme is when the employer funds the pension without any contribution from the employee. These contributions by the employer are put into a separate trust account to fund retirement when needed. Most UK pension plans grow tax free. The beneficiary does not have to worry about taxes.

Related Questions

What is the current retirement age in the uk?

The current retirement age in the UK is gradually increasing to 68 by 2046, as outlined in the Pensions Act 2014. It was previously 65 for men and 60 for women, but changes are being made to align the retirement age for both genders.


What UK government department spends the most money?

In 2007/8 Work & Pensions £132 billion


Where can one find information about pensions in the UK?

One can find information about pensions in the UK at Gov UK, Age UK, Direct Gov UK, DWP Gov UK, NI Direct Gov UK, Pensions Advisory Service, British Pensions, HMRC and many more.


What is superannuation fund?

The terms retirement plan or superannuation refer to a pension granted upon retirement. Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions. Called retirement plans in the USA, they are more commonly known as pension schemes in the UK and Ireland and superannuation plans in Australia. Retirement pensions are typically in the form of a guaranteed annuity.


How do you get your retirement or pension?

(UK Answer) There are in essence three types of pension plan in the UK. Each have a number of different processes that are required in order to start the process of claiming your pension. These are:- 1) Your state pension. A pension paid to you by the Department for Work and Pensions based on your national insurance record from during your working life 2) Any personal pensions. These are pensions that you have chosen to save within during your working life. These could be with a Life insurance company or a bank. 3) Any occupational pension pensions. These are pensions that are set up and managed by your employer. There are various types of occupational pension schemes that exist. How to claim your state pension (1) Shortly before your normal retirement age you will receive correspondence from the department for Work and Pensions explaining your entitlement to a state pension. However, if you are within 4 months of your state pension age, you can claim your state pension online here: check link 1. How to claim your personal pensions (2) You are able to begin drawing any personal pensions any time after your 55th birthday. It is also possible to access the tax free cash entitlement after your 55th birthday without drawing the income. This is of particular interest to those that are looking to repay mortgages or other associated debts. It should be noted that this course of action would almost certainly reduce the amount of income that you receive when come to take full retirement. Financial advice is essential. check link 2. It's a service that can connect you with a specialist financial adviser that can provide you with assistance in this area. How to claim your occupational pensions (3) Your occupational pensions will ordinarily have a "NRD" (normal retirement date) this is the date from which you can commence drawing your pension from this scheme. However, if you are over 55 it is ordinarily possible to access your pension lump sum and income. Each scheme can have different rules, so it is important to get full information from your former employer. If you have lost your former employers' information, you can use the pension tracing service which is free of charge and can be found here: check link 3.


Are you entitled to a UK pension?

Contact the UK Pensions Service from their website: http://www.thepensionservice.gov.uk/


How do you get a replacement national insurance card without calling the UK from Germany?

Unfortunately this is not possible. I had the same problem about ten years ago. The Department of Work and Pensions in Newcastle, are the only people that have the authority to issue a replacement.


What is the retirement age of a paramedic in the UK?

69


What has the author Matthew Craig written?

Matthew Craig has written: 'The Future of UK Occupational Pensions'


Why is the UK government raising the retirement age when so many young people cannot get jobs?

Because people are living much longer than they did in the past, Britain no longer has the finances to pay state funded retirement pensions from age 60 (women) or 65 (men), so the retirement age for both men and women is being raised to 68. If people want to retire before that they still can, but they won't be able to get the state pension until age 68.


Do you pay UK tax on my pensions if live in Thailand?

If you live in Thailand, you should consider moving your UK pensions to a QROPS (Qualifying Recognised Overseas Pension Scheme) A QROPS is not taxed at source and offers many benefits. You can read more about QROPS by visiting www.the-qrops-specialist.com


Legal Retirement Age for Women in UK?

it is 65 at the momment