National Insurance Pension (State Pension) - Regular income from the state paid to retired people who have made contributions during their life. In the UK, the retirement age for men is 65 and for women is 60.To qualify individuals must have made full National Insurance (NI) contributions. Men must have worked for 44 years and women for 39 years, or have received a special waiver such as invalid care allowance.In April 1978 the government introduced another pensions scheme (the State Earnings Related Pensions Scheme or SERPS) to provide a pension related to the earnings of employed people only. SERPS was replaced by the Second State Pension or S2P in April 2002.Employees make payments to S2P and the NI Basic Pension by way of Class 1 National Insurance (NI) contributions. (Employers also pay Class 1 contributions on all the employee"s earnings). Employees may elect to contract out of S2P and pay Class 1 contributions via a rebate which may be invested in an occupational pension or a personal pension plan.There are two main pensions: the NI Basic Pension and S2P. There is also an additional benefit, the Graduated Pension or Graduated Retirement Benefit. This was a state scheme which existed between April 1961 and April 1975 for people earning over Ј9 per week. People who were employees during any part of this period and who paid Graduated NI Contributions will receive a Graduated Retirement Benefit. Women over 60 and men over 65 can if they wish continue in employment even when they are receiving the NI Pension.
National Insurance Pension (State Pension) : regular income from the state paid to retired people who have made contributions during their life. in the uk, the retirement age for men is 65 and for women is 60.to qualify individuals must have made full national insurance (ni) contributions. men must have worked for 44 years and women for 39 years, or have received a special waiver such as invalid care allowance.in april 1978 the government introduced another pensions scheme (the state earnings related pensions scheme or serps) to provide a pension related to the earnings of employed people only. serps was replaced by the second state pension or s2p in april 2002.employees make payments to s2p and the ni basic pension by way of class 1 national insurance (ni) contributions. (employers also pay class 1 contributions on all the employee"s earnings). employees may elect to contract out of s2p and pay class 1 contributions via a rebate which may be invested in an occupational pension or a personal pension plan.there are two main pensions: the ni basic pension and s2p. there is also an additional benefit, the graduated pension or graduated retirement benefit. this was a state scheme which existed between april 1961 and april 1975 for people earning over Ј9 per week. people who were employees during any part of this period and who paid graduated ni contributions will receive a graduated retirement benefit. women over 60 and men over 65 can if they wish continue in employment even when they are receiving the ni pension.
National Insurance Pension (State Pension)