{"id":266,"date":"2013-03-08T15:05:36","date_gmt":"2013-03-08T15:05:36","guid":{"rendered":"http:\/\/www.esmartproducts.co.uk\/wordpress\/?p=266"},"modified":"2013-03-08T15:05:36","modified_gmt":"2013-03-08T15:05:36","slug":"state-pension","status":"publish","type":"post","link":"https:\/\/jalapenoltd.co.uk\/news\/state-pension\/","title":{"rendered":"State Pension"},"content":{"rendered":"

A regular payment from the government that you receive when you reach State Pension age<\/strong><\/h3>\n

The basic State Pension is a regular payment from the government that you receive when you reach State Pension age. To receive it you must have paid or been credited with National Insurance contributions.
\nThe most you can currently receive is \u00a3107.45 per week
\n(in 2012 to 2013).<\/p>\n

The basic State Pension increases every year by whichever is the highest:<\/strong>
\n\u2022 earnings – the average percentage growth in wages
\n(in Great Britain)
\n\u2022 prices – the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI)
\n\u2022 2.5 per cent<\/p>\n

Additional State Pension <\/strong>
\nThe Additional State Pension is an extra amount of money that you could receive with your basic State Pension. It’s also based on your National Insurance contributions.<\/p>\n

How much you receive depends on your earnings and whether you’ve claimed certain benefits. There is no fixed amount like the basic State Pension. You receive the Additional State Pension automatically, unless you’ve contracted out of it.<\/p>\n

The Additional State Pension is paid with your basic State Pension. It normally increases every year by prices – the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI). There is no fixed amount for the Additional State Pension.<\/p>\n

How much you receive depends on:<\/strong>
\n\u2022 how many years of National Insurance contributions
\nyou have
\n\u2022 your earnings
\n\u2022 whether you’ve contracted out of the scheme<\/p>\n

Once you’ve reached State Pension age and are claiming the basic State Pension you’ll automatically receive any Additional State Pension you’re eligible for. There is no need to make a separate claim.
\nYou will not receive the Additional State Pension if you’ve contracted out of it. If you only contracted out for certain periods, you’ll receive a reduced amount.<\/p>\n

The Additional State Pension is made up of two schemes. You might have contributed to both, depending on how long you’ve been working.<\/p>\n

The main difference between the two schemes is that since 2002 you also contribute to the Additional State Pension if you’re claiming certain benefits.<\/p>\n

The State Second Pension since 2002<\/strong>
\nYou contribute towards your Additional State
\nPension through your National Insurance contributions when you’re:
\n\u2022 employed and earning over the lower earnings limit of \u00a35,564 a year (in 2012 to 2013)
\n\u2022 looking after children under 12 and claiming Child Benefit
\ncaring for a sick or disabled person more than 20 hours a week and claiming Carer’s Credit
\n\u2022 working as a registered foster carer and claiming
\nCarer’s Credit
\n\u2022 receiving certain other benefits due to illness or disability<\/p>\n

You’re not eligible if you’re:<\/strong>
\n\u2022 employed and earning less than \u00a35,564 per year
\n\u2022 self-employed
\n\u2022 unemployed
\n\u2022 in full-time training<\/p>\n

Contracting out of the Additional State Pension<\/strong>
\nYou can only contract out if your employer runs a contracted out pension scheme, so you’ll need to check this with them. If you’re a member of a contracted out occupational workplace pension you don’t contribute to the Additional State Pension for the time you belong to the scheme.<\/p>\n

This means that when you retire you either don’t receive any Additional State Pension or it might be reduced, depending on how long you contracted out. You and your employer pay lower National Insurance contributions while you contract out. When you retire, you’ll get a pension from your employer’s scheme.<\/p>\n

To contract out you must be:<\/strong>
\n\u2022 earning at least the lower earnings limit of \u00a35,564 a year (in 2012 to 2013)
\n\u2022 paying Class 1 National Insurance (or treated as paying them – check with your employer)<\/p>\n

Different rules apply if you’re a member of a salary-related pension scheme before 6 April 1997. These rights, known as the ‘Guaranteed Minimum Pension’, can’t be taken before age 65 (men) or 60 (women). The Guaranteed Minimum Pension will continue to be paid at these ages even when the State Pension age rises.<\/p>\n","protected":false},"excerpt":{"rendered":"

A regular payment from the government that you receive when you reach State Pension age The basic State Pension is a regular payment from the government that you receive when you reach State Pension age. To receive it you must have paid or been credited with National Insurance contributions. The most you can currently receive… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/266"}],"collection":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/comments?post=266"}],"version-history":[{"count":0,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/posts\/266\/revisions"}],"wp:attachment":[{"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/media?parent=266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/categories?post=266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jalapenoltd.co.uk\/news\/wp-json\/wp\/v2\/tags?post=266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}