Basic State Pension (BSP)
The Basic State Pension is to increase from April 2012 by 5.2% which equates to £5.30 per week or 76 pence per day for a single person. Single person £107.45 per week.
Changes to State Pension Age
Under the current legislation state pension age is planned to increase to:
- 66 between November 2018 and October 2020
- 67 between 2034 and 2036
- 68 between 2044 and 2046
The government has announced that the increase to 67 will now take place between 2026 and 2028. This change to the timetable is not yet law and will require the approval of Parliament. For the complete table log on to www.direct.gov.uk
National Employment Savings Trust
This scheme is to be phased in over five years. Large employers (over 250 employees) will comply from October 2012. Medium employers (50 – 249 employees) staging dates between 1st April 2014 and 1st April 2015. Small employers (49 employees or less) 1st June 2015 and 1st April 2017.
Employer Contribution
Will also be phased in from 1% in October 2012 to 2% in October 2016 and the full 3% by 2017.
The union is committed in campaigning for better pensions for today’s pensioners and working ensure that everyone should be able to retire with dignity with a decent pension.
Useful Contacts
www.pensionadvisoryservice.org.uk
Tel: 0845 6012923
Pension Tracing Service
The Pension Service
Tyneview Park
Whitley Road
Newcastle-upon-Tyne
NE98 1BA
Tel: 0845 6002537