One of the most important industry in the UK is the pension industry. Everyone wants to be safe in the knowledge that when they retire they will be able to support both themselves and their family for the rest of their lives, regardless of how long they have worked for and in what capacity.
When it comes to pensions there has been a lot of debate and protest recently as changes to the pension schemes mean that many people stand to lose a great deal of pension income that they were expecting and counting on. In addition, in years to come the pension age will be increased, meaning that you will have to be older before you can access a State pension.
Currently, the pension system works in a different way for everyone. Depending on how many years you have worked in the UK and at what level your pension pay outs may differ. At the start of 2011, the Government announced that it would be making radical changes to the pension scheme in the aim to make it a far fairer and simpler scheme to understand, making it easier for everyone.
Although details at this stage are relatively sketchy it is believed that the new pension system could look at paying retirees up to an additional 30 a week, this would be an increase from the current 100 per week which is awarded to single retirees. This figure could be increased for people who have already paid their full National Insurance contributions and decreased for people who do not meet the NI threshold.
For women, the system will take the pressure off the loss of pension they currently receive when they elect to take time off to have children. Currently, when many women take time off to have and look after children it prevents them from reaching their full level of NI contributions and therefore cuts down the amount of State pension that they receive.
When it comes to pensions there has been a lot of debate and protest recently as changes to the pension schemes mean that many people stand to lose a great deal of pension income that they were expecting and counting on. In addition, in years to come the pension age will be increased, meaning that you will have to be older before you can access a State pension.
Currently, the pension system works in a different way for everyone. Depending on how many years you have worked in the UK and at what level your pension pay outs may differ. At the start of 2011, the Government announced that it would be making radical changes to the pension scheme in the aim to make it a far fairer and simpler scheme to understand, making it easier for everyone.
Although details at this stage are relatively sketchy it is believed that the new pension system could look at paying retirees up to an additional 30 a week, this would be an increase from the current 100 per week which is awarded to single retirees. This figure could be increased for people who have already paid their full National Insurance contributions and decreased for people who do not meet the NI threshold.
For women, the system will take the pressure off the loss of pension they currently receive when they elect to take time off to have children. Currently, when many women take time off to have and look after children it prevents them from reaching their full level of NI contributions and therefore cuts down the amount of State pension that they receive.
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