Under the old pensions system, employees could elect to be “contracted out” of the additional state pension, also known as the state second pension, or Serps, in return for a bigger private pension pot: a worker and their employer paid lower national insurance contributions, with extra money going into their personal pension, or an employer-sponsored money purchase scheme, instead. Each qualifying year on your National Insurance record after April 5, 2016 will add about £4.82 a week to your new State Pension and the exact amount you get is calculated by dividing £168.60 by 35 and then multiplying by the number of qualifying years after April 5, 2016. Home of the Daily and Sunday Express. For instance, one “classic example” is that... AHMEDABAD, India: US President Donald Trump gave a special mention to cricket greats Sachin Tendulkar and Virat Kohli as he began a visit to India on Monday (Feb 24) – but... LOS ANGELES: Kobe Bryant’s widow Vanessa filed a lawsuit on Monday (Feb 24) against the operators of the helicopter that crashed on January 26, killing the NBA icon and... LONDON • Mo Farah is facing fresh questions over his relationship with banned coach Alberto Salazar after it emerged that he repeatedly denied to United States Anti-Doping Agency... Ssssssssshh, Ssssssssshh. Cash machine dash in the days before new lockdown... will coronavirus continue to kill off physical money? It’s worth knowing that your starting amount will include a deduction if you were contracted-out of the additional State Pension, for example if you were in a certain type of workplace, personal or stakeholder pension. In some cases, we may provide links where you may, if you choose, purchase a product from For someone reaching state pension age after April 2016, every nine weeks you defer lifts that weekly payment by 1%. It can help with any questions you have about your pension. The new State Pension increases each year by whichever is the highest: THE State Pension helps support people financially after they have retired thanks to a monthly allowance paid to them by the Government. The official state pension age is currently 66 for both men and women – and as we all live longer, the age will gradually increase further to ease the burden on government finances. You usually need at least 10 years of NICs to get any money or 35 years to be eligible for the full state pension, so what you receive will be a proportion of the new state benefit between 10 and 35 years. This effectively increases your payments when you re-start. It will increase again to 67, and then to 68, over the next few decades.

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