One of the most important aspects in a person's life is their pension. The knowledge that when retirement age comes there is enough money to support that person for the rest of their life is fairly important and that's why when it comes to pensions, for many people it is their number one priority.
In the United Kingdom by law everyone must make National Insurance contributions when they are working, provided they earn over the minimum threshold. They also have the option to make further contributions or "top up" their NI with additional cash. At pension age, if a person has paid in their full amount of NI contributions, often relating to around 30 years of full time work, the person will then receive a state pension.
Self-employed workers are not exempt from NI, they are required to pay a standard 2.50 per week, payable in twice yearly payments - January and June. Workers can then receive a refund of these payments if they do not reach the NI threshold during the year.
The current NI contribution rate kicks in at just over 100 earned per week and starts at a basic levy of around 12% for the individuals matched by around 14% from the employer. The current amount for a basic state pension in the United Kingdom is 102.15 for a single person and 163.35 for a married couple. Once you reach the age of 80, this amount increases by 25p per week.
With many people uncertain about the future of pension providers, some people elect to choose private pension providers or company pensions. Supermarkets and some of the bigger chain companies not only offer private pensions but they also staff retirement incentives such as "share save" schemes as an alternative to the traditional pensions. Alternately, many private companies choose to just offer a basic private pension plan.
In the United Kingdom by law everyone must make National Insurance contributions when they are working, provided they earn over the minimum threshold. They also have the option to make further contributions or "top up" their NI with additional cash. At pension age, if a person has paid in their full amount of NI contributions, often relating to around 30 years of full time work, the person will then receive a state pension.
Self-employed workers are not exempt from NI, they are required to pay a standard 2.50 per week, payable in twice yearly payments - January and June. Workers can then receive a refund of these payments if they do not reach the NI threshold during the year.
The current NI contribution rate kicks in at just over 100 earned per week and starts at a basic levy of around 12% for the individuals matched by around 14% from the employer. The current amount for a basic state pension in the United Kingdom is 102.15 for a single person and 163.35 for a married couple. Once you reach the age of 80, this amount increases by 25p per week.
With many people uncertain about the future of pension providers, some people elect to choose private pension providers or company pensions. Supermarkets and some of the bigger chain companies not only offer private pensions but they also staff retirement incentives such as "share save" schemes as an alternative to the traditional pensions. Alternately, many private companies choose to just offer a basic private pension plan.
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