养老金

1.State basic pension(SBP)The basic State Pension is money you may be able to get when you reach State Pension age. The amount depends on the number of qualifying years you have built up through your National Insurance contribution record. You can build up your basic State Pension by paying NICs, or being treated as having paid them or being credited with contributions.People in the condition below can get SBP, most employees provided they earn at least a minimum amount or are getting working tax credit, self-employed people unless they have opted no to pay NICs, people who are being credited with National Insurance and people not in the above categories who volunteer to pay NICs.If you reach State Pension age before 6 April 2010, the numbers of qualifying years needed to get a full SBP for men is 44, for women is 39. On or after 6 April 2010, the qualifying years for women and men is 30 can get full SBP. You will need at least one qualifying year of paid or credited contributions to give you some SBP. Each qualifying year of paid and credited contributions will be worth 1/30th of the full SBP, up to a maximum of 30/30ths.if you quality for a full SBP in 2011/12, you will be entitled to £102.15 a week.Working life the tax years from the one in which you reach age 16 to the last complete tax year before you reach state pension age. We base the amount of SBP you receive at State Pension age on your National Insurance contribution record over your working life, from age 16 to 65.You will pay NICs for every week that you earn more than PT when working for an employer. If you work for an employer and earn between LEL a week and PT a week, you will not have any NICs taken out of your pay, but you will be treated as if you have paid NICs. If you are self-employed, you pay NICs yourself. However much you earn, you will have to pay flat-rate Class 2 contributions.You may be able to get National Insurance credits when you cannot work, to help protect your entitlement to the SBP because of you were ill, or unemployed and registered as looking for work.You can get National Insurance credits if you at the start of your working life or when you earn less than the lower earnings limit. You can get pension credit top up your weekly income to £137.35 if you are single.The date you reach State Pension age depends on when you were born. On 6 April 2010, the age for women started to increase gradually from 60 to 65, to match men’s. Under the current timetable, the age for men and women will gradually increase from 65 to 68 between 2024 and 2046.If you are a married woman, you may be able to get a SBP based on your husband’s National Insurance contribution record if your husband is over State Pension age and(until 6 April 2010) has also claimed his own State Pension. Depending on the contributions your husband has made, you could get a SBP of up to 60% of the full SBP.From period up to 5 April 2010, if you were caring for one or more children under age 16 for whom you get child benefit, you were a foster care or caring someone with a long-term illness or disability and not getting National Insurance credits, you couldprotect your SBP when you were not in paid work.Home Responsibilities Protection (HRP) was available for full tax years from April 1978 until April 2010. it helped protect your pension by reducing the qualifying years needed fro a full SBP. For a full SBP, HRP could not reduce the qualifying years below 20 for women or men.You will pay NICs for every week that you earn more than PT when working for an employer. If you work for an employer and earn between LEL a week and PT a week, you will not have any NICs taken out of your pay, but you will be treated as if you have paid NICs.According to Robert, his qualifying year has reached 30, so he can get full SBP when he retired. Because the qualifying year of Iona if vey less, if Robert was retired before 6 April 2010, she can get SBP from her husband’s records, since, Iona has cared for daughter several years, she can get SBP from the HRP, it can help reduce the years of NICs. But her daughter feel it’s unfair, she have to pay full 52 weeks NICs, so she can't get NICs exemption.2.SERPS and S2PAdditional State Pension is money you can get as well as your SBP. The amount of additional State Pension you get depends on how much you earn and the amount of NICs you have paid, or are treated as having paid. Before April 2002, it’s called SERPS and after April 2002 called State Second Pension (S2P). You can get additional State Pension when you have reached State Pension age and you claim your State Pension.SERPS was available only to employees with earnings at least equal to the LEL.S2P gives people who earn lower wages, or cannot work as much as other people. The chance to build up a better State Pension. To build S2P, employees earning at least the LEL, have earnings above the National Insurance Lower Earnings Limit throughout the tax year, be a carer throughout the tax year and have a long-term illness or disability throughout the tax year.Some people are not covered by the state additional pension under both SERPS and S2P. Like self-employed people, employees earning less than the LEL, married women who have opted to pay Class 1 NICs at the reduced rate and employees who are ‘contracted out’The S2P is worked out by the earning you pay standard rate NICs on or the earnings you are treated as having. There are two bonds of earnings are earnings at and above the lower earnings limit LEL in 2010/11 up to the low earnings threshold LET, earnings above the low earnings threshold but not above the UAP.‘Contracting-out’ means joining a company, stakeholder of personal pension scheme that can be used to replace all, or part, of the additional State Pension. After 5 April 2012. you will no longer be able to contract-out of the S2P through a personal or stakeholder pension or trough an occupational pension contracted-out on a defined-contributions basis. After 6 April 2012, anyone who is contract-out will automatically return to the State system. You will still be able to contract-out on asalary-related basis. So Robert can contract-out.According to Iona’s situation, if she retires on or before 6 April 2010, she can combination of SERPS and S2P. The benefits that she can get from S2P are depending on the earning and SERPS is 20% of band earning. Band earning is the difference between LEL and UEL.3. Occupational pension schemes offer a pension organized by employers who pays pension for you, though you are also required to contribute too. They are usually hard to be exerted together with the retirement. The advantage of this scheme is tax advantages, predictable pension benefits, some protection against inflation, the risk was undertaken by the employer and employer pays some or all of the costs of providing pensions and other benefits and pay running costs separately. The disadvantage is this may difficult to understand, you may lose out when changing jobs, and scheme might close if your employer finds it too costly or risk or scheme is not be able to pay the promised pensions.The final salary schemes are currently the most commonly used types of salary-related scheme.Different schemes work out the promised pension in different ways, but typically you might get 1/60th, 1/80th, or 1/100th of your final salary for each year you have been in the scheme. The general formula for working out your pension is : years in scheme * accrual rate * final salary = pensionMoney purchase scheme Money purchase scheme is the main alternative to salary-related scheme. The pension you get depends on how much is invested and how well the investments perform. This describes any pension scheme where the amount of pension you get at retirement depends on: the amount paid into the scheme, how well the invested contributions grow, the charges deducted, ‘annuity rates’ which determine how much pension you get from the fund that has built up.The advantages of this scheme are tax advantages, easy to understand and transfer if you change jobs; employer pays some or all of the cost and pays running costs separately. The disadvantages are it is unpredictable you bear all the risks, no automatic protection against inflation and employer tend to pay less of the cost than with a salary-related scheme.OPS-DC has some the terms and condition, It’s not compulsory an d it is also one of the OPS that provided of employer, the employer defines the scope and details of it. If employee wants to join in OPS-DC, it needs the consent of the employer.In the case, the rumors of the company’s changes in pension scheme are chang ing the OPS-DB to OPS-DC. This change will raise the risk because the DC can ensure the money you can get and do not have the promise with the pension. But the DB pays less money.4. Robert’s already joined OPS-DB, there are some ways for he to top-up his retirement pension income. The main way to boost your OPS is to pay extra contributions. Many employers run in-house A VC which let you pay in extra to built up extra benefits. There are some features of in-house A VC: charges and investmentchoice, matched contributions and taking the benefits.Before 2006 A Day Reform an introduce of in house A VC and FSA VC:In-house A VC is linked to an occupational pension scheme and is organized by the employer to allow employees to make further pension contribution. A VCs operate on a money purchase basis and it may be that if an employee is already participating in a money purchase scheme, the A VC amounts will be added directly to the occupational pension fund. The money paid into A VC is depends on the current contributions to the ‘parent’ pension fund and currently in an employer’s scheme, an individual may invest up to 15% of their earnings split between the employer’s scheme and the A VC. Tax relief is received on an A VC at the highest rate of tax paid by the individual contributing to the scheme. All in-house A VC benefits must be taken at the same time, although FSA VCS benefits may be taken at a different time. If A VC benefits are taken before main scheme benefits, the A VC benefit for limit purposes is the annuity which could be purchased on GAD rates using the remaining A VC fund at the time main scheme benefits are taken.FSA VC is linked to an occupational pension scheme and is organized independently of the employer to allow employees to make further pension contributions. FSA VCs operate on a money purchase basis and they are entirely separate from the main scheme or scheme-related A VCs. There can only be one FSA VC operating in any one tax year unlike in house A VCs where it is possible to be a member of more than one scheme in any tax year. The money paid into FSA VC is depends on the current contributions to existing pension fund and an individual may invest up to 15% of their earnings split between the other schemes.After 2006 A Day Reform:There are no limits on pension contribution on each year, you can join in whatever scheme and the annual allowance is £50000. It for the maximum contribution attracting tax relief. The lifetime allowance in 2011/12 is 1.8 million.5. Because Robert has joined in the existing pension which belongs to pre-1987 scheme.The retirement pension is two-thirds of final salary (at least work after 10 years)Tax-free cash is equal to 1.5 times of final salary (at least work after 10 years)If Robert early retirement, the pension is equal to service years/ the normal retirement age * Retirement incomeIf Robert delays retirement, the pension is equal to the normal retirement incomeTax-free cash is 1.5 times of final salary (at least work after 10 years)6. Personal pension schemes, you invest to accumulate a fund of savings. When you come to retire, you use the pension fund that has built up to provide your retirement income. The most common way to do this is to buy ‘annuity’. All the pension schemes described in this chapter are ‘money purchase’ schemes. It depends on the contributions paid in, how well the invested contributions grow, the charges deducted and annuity rates at the time you start the pension. The main reasons you might takeout a personal pension are if you are self-employed and so have to arrange your own pension savings; if you are an employee but there is no occupational scheme, you may be able to join a group personal pension scheme or stakeholder scheme through your workplace, if you belong to an occupational scheme and want to top up the amount you save for retirement.The employer of Ioan don’t provide OPS to her, she also have no pension, her salary is less. If she want have income after she retirement, had to join to PPS. The employer pay contribution to Ioan’s PPS, t his contribution can be treated as administrative expenses. The costs of the company increased, the profits reduced, the contribution paid by the employer of Iona not treat as benefits in kind, and also don’t need to pay extra income.7 Carry back before 6 April 2001,Carry forward is available between 1980 and 2001/04/06. The time limit to the carry forward is six years. Before 6th April 2001, person can make contribution exceeding the normal limit by relying on unused relief from earlier years. Although this facility was abolished, it may be used for contribution to retirement annuity policies.2010/11 annual allowance is 255,000 and 2011/12 annual allowances are 50,000. Carry forward has a new regulation, the past three years unused can bring to use this year.。