Last autumn, I published a number of blog entries to help explain how the old system worked. Through this entry, which focusses on the period up to 5 April 2016, I want to show how people may have paid different amounts of NI over their working life through to the end of the tax year 2015/16, and how this has contributed to the State Pension they are or will become entitled to.
In previous blogs I have outlined the changes to the State Pension from 6 April 2016. There are a couple of ways you can check how these changes will affect your own position.
As you’re reading this blog it’s likely that you are already aware that this is an important time for the State Pension. But do your employees, colleagues, members or networks know about the changes?
We’re just one month away from the launch of the new State Pension on Wednesday 6 April 2016. Ahead of next month’s launch, here is a summary of the key points you may need to know.
2015 has been an exciting year for UK pensions with more workers in small and micro firms being enrolled in a workplace pension. And 2016 looks set to be even busier.
As we have seen, the outgoing State Pension system is a very complicated beast. In April 2016, we will be replacing this with a new clearer system.
Blog 4 showed how the past changes to the Additional State Pension mean that you could have built up several different parts of State Pension. Your Additional State Pension will depend on a large number of factors.
Being “contracted-out” generally means that you are paying lower National Insurance rates than the standard full rate for employees. You will be paying lower National Insurance as you are opted out of State Second Pension (S2P).