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   Pension Advice | Norwich - The State Pension


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      A great benefit to many - but not always enough

 

Topical Issues

 

 

In December 1942, at the request of the government, Sir William Beveridge produced a report proposing that

all people of working age should pay weekly

contributions which would benefit those who were

retired, sick, unemployed or widowed.

 

The hope was that this system would produce a

minimum living standard 'below which no-one

should be allowed to fall'.

 

 

Almost 70 years later, sadly nobody can argue that anything resembling Beveridge's hope has been fully achieved. 

 

Since the inception of the state pension system it has been reformed and reneged on many times.

 

At present there are two essentially unfunded state schemes, one providing a contribution-based Basic State Pension (BSP) and an additional scheme providing earnings-related pensions (formerly SERPS and now S2P). These two state schemes are highly insecure, being unfunded and subject to retrospective as well as prospective cuts.

 

The history of both is littered with broken promises: According to official statistics the Basic State Pension (BSP) is more than 20 per cent down from its 1950 level relative to earnings and the earnings link was broken for both past and future years of service in 1980 which has lead to a further slide in the value of the BSP.

 

At the same time, and partly as a result, 60% of pensioners are currently relying on means-tested benefits, including housing-related benefits, with 45% eligible for the Pension Credit alone (based on 2011 data from UK National Statistics; Office for National Statistics, (ONS)).

 

The State Pension as part of your retirement plan.

 

Once you claim your State Pension, it gives you a regular income for the rest of your life. It can give you a reliable foundation for your income in retirement, although it might not be enough to support the lifestyle you want.

 

So you may decide you want to save for yourself on top of what the State provides.

 

If you want to make a plan for your retirement, it is worth knowing what sort of State Pension you may become entitled to.

 

How much is your State Pension?

 

The State Pension is made up of two parts, the basic State Pension and the additional State Pension. Different people get different amounts of each.

 

The amount of State Pension you get depends on how many qualifying years of National Insurance you have.

 
In 2014-15, a single person can get up to £113.75
a week basic State Pension, though some people get less than this.

 

Many people get more than this amount, because they also get an additional State Pension.

 

In addition, there are a significant number of means-tested and non-means tested benefits which can be applied for depending on each individuals' personal circumstances.

 

When and how can you claim your State Pension?

 

You can claim your State Pension once you reach your State Pension age. You do not have to claim it straight away. If you put off getting it you may be able to increase the amount you get.

 

Four months before you reach State Pension age, The Pension Service will write to  you. The letter will tell you if you need to claim your State Pension. If you are getting certain social security benefits you may not need to claim.

 

There is little doubt that the State Pension is essential for many in avoiding abject poverty in retirement and for others it may be more of a welcome addition to other pension benefits.

 

For all the good intentions behind the State Pension it remains a fact that the UK state pension now is amongst the lowest in Europe and anybody relying on it as their only source of income could be facing some very bleak final years.

I don't want to retire right

now - maybe next year, or

the year after...

But, can I afford to cut down

on my work hours already?

     find out more 
 

Is it a good idea to buy an

Annuity now or is it better

to wait?

Should it be a single or a

joint annuity?

     find out more 

 
retired couple

What is the right way to

arrange my Investments?

How much risk can I

afford to take?

How much income can I get?

     find out more 
   

 

 

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You are always Welcome

to contact NFA for a free discussion

of issues related to your

State Pension

 

Phone: 01603 452686

 

 

e-mail: info@norwichpensions.co.uk

 
     

 

 

 

 

 

Norwich Financial Advice Limited  is authorised and regulated by the Financial Conduct Authority

and is entered on the FCA Register under FCA reference: 706645

Norwich Financial Advice Ltd. is registered in England and Wales; Company No. 8533929.  

Registered office: 74 Muriel Road, Norwich NR2 3NZ, Norfolk, England.