{"id":61743,"date":"2015-09-18T16:05:16","date_gmt":"2015-09-18T16:05:16","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=ca2173ba5bcfac5ee24c50bcd01a56e7"},"modified":"2015-09-18T16:05:16","modified_gmt":"2015-09-18T16:05:16","slug":"news-story-eight-things-you-need-to-know-about-pensions","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=61743","title":{"rendered":"News story: Eight things you need to know about pensions"},"content":{"rendered":"
\n

Here are 8 things you need to know about pensions:<\/p>\n

1. The new State Pension will be simple and clearer<\/h2>\n

The current State Pension is complicated.<\/p>\n

The changes will in the future allow people to know early on how much to expect when they reach State Pension age. This will make planning for retirement easier.<\/p>\n

Want to know more?<\/a><\/p>\n

2. The new State Pension, like the current system, is based on National Insurance contributions<\/h2>\n

Most people build up National Insurance (NI<\/abbr>) either through working or by receiving credits through certain benefits.<\/p>\n

Your NI<\/abbr> is used to calculate how much State Pension you get.<\/p>\n

The full rate of the new State Pension will be no less than \u00a3151.25 a week. The actual amount will be set before April 2016.<\/p>\n

But not everyone will get the same amount. In the early years of the new State Pension your NI<\/abbr> record from the old scheme will be taken into account.<\/p>\n

Read more details about the changes<\/a>.<\/p>\n

3. If you take time off work to care for a relative or child you don\u2019t have to miss out<\/h2>\n

National Insurance credits can help to fill gaps in your NI<\/abbr> record if you are not working or don\u2019t earn enough to pay NI<\/abbr> contributions.<\/p>\n

Many people who are eligible for credits get them automatically. But some, like carer\u2019s credits need to be applied for.<\/p>\n

Check how and whether you need to apply<\/a>.<\/p>\n

4. Aged 55 or over? You can get a personalised new State Pension statement<\/h2>\n

We\u2019re encouraging everyone aged 55 or over to check how much State Pension you may get under the new system.<\/p>\n

It\u2019s easy to get a State Pension statement<\/a>.<\/p>\n

5. You can easily check when you\u2019ll reach State Pension age<\/h2>\n

Use our State Pension calculator<\/a> to work out the precise date.<\/p>\n

6. We\u2019re ending the complicated \u2018contracting-out\u2019 system<\/h2>\n

You may have been \u2018contracted-out\u2019, this was where you gave up the right to the additional State Pension in return for paying less into the National Insurance system. This happened if you have a private or workplace pension instead.<\/p>\n

But from April 2016, contracting-out will end \u2013 and so will the reduced NI<\/abbr> rate that contracted-out employees get now.<\/p>\n

Whether you have been contracted-out or not in the past, if you have 30 years on your NI<\/abbr> record at April 2016, you will get at least as much from your contributions under the new State Pension as you would have under the old system.<\/p>\n

7. It pays to join your workplace pension<\/h2>\n

For most people wanting to maintain their living standards into old age, they will need to have their own private provision as well, normally in the form of a workplace pension.<\/p>\n

We\u2019ve made it easier for you to do this by getting employers to automatically enrol you into a workplace pension, if you are eligible. You can opt out if you think that pension saving is not for you.<\/p>\n

And it pays to save \u2013 your boss will also pay towards it and you get tax relief.<\/p>\n

Find out more about workplace pensions<\/a>. <\/p>\n

8. It\u2019s easy to get free and impartial guidance<\/h2>\n

Pension Wise is a free and impartial government service that helps you understand the options for your defined contribution pension<\/a> as you reach retirement.<\/p>\n

If you\u2019re over 50 and are considering releasing some of the money in your scheme, visit Pension Wise<\/a><\/p>\n

Not sure of your type of pension? Contact your provider or scheme administrator.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Planning for retirement can sometimes be scary. This is why we\u2019re changing the State Pension to make it much clearer in the future.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/61743"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61743"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/61743\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}