GMB Magazine GMB25 Candid Summer 2016 - Page 21

Don’t get PENSIONED OFF! The State Pension changed recently – here’s everything you need to know… I n case you didn’t know, on 6 April the State Pension changed. It’s important that you know what these changes mean, how they might affect you, and how you can check to see if you can pay more into your pension! Find out below if you’re affected. To check how much pension you can expect when you reach State Pension Age, you can request a statement from gov.uk/check-state-pension or by calling 0345 3000 168. PENSION CONTRIBUTIONS ©iStock.com SINGLE TIER STATE PENSION Pensions are essentially deferred pay. Many of us have been entered at the default level of contributions within our workplace pension, which is generally the lowest level of There’s now one Single Tier State Pension contribution we can make. The reason for this is only. That means, if you are in a workplace that your employer saves money by entering pension such as a Career Average or Final you at this level because they pay less in, too. Up Salary Pension that was contracted out of the to two-thirds of members are not maximising State Second Pension, the contracting out has the money they can get from employers for now ended. If you were contracted out, you retirement. C Xۈ[\[[ۈ][Y[œZY\][ۘ[[\[K\YܙHB܈^\\YH]X[H\B\[ [HX^H]HXY][\۝X][“][ۘ[[\[H^[Y[[ܙX\Y X[ ̌ MRPL ͗PMW\Yݑ[[ L [[]Y[H۝X]B[ܙK]X[ܙH[H[XZ]H[[\][ۘ[[\[H]YܞHX^H]B۝X][ۜH[\[\Y\˂[YHKSԑBSԓPUSӂ]Y\Y\܈[Y[H]H[H[[ۂ[[H[\ݙB[]H[[YKۂB[\[\Y\&\B\[ۂ˜۝XBXܙ˝Z‚Y[HBx&[X\[YHX][\YH[\[B[][][r悐[\][[PQLM  ̈NH ܈]L\X‚[[H^Hۛ[J[\[ [H HH[ۋQKX[H H \H]8&XHX\[YI\[[XܞHٙ\[\Y\]\Y\ۛH܈H\ L[۝وHXKXX\\X[X\[H[[\ܚ][ܚ]\XK[\\[ۙ][ۜ[H[B\][˝ZXK˝Z\\Xۙ][ۜˈ H[YXH܈\[[ۋ[HYYY\\\[\ۛ[HY\][ۈܛK\\HH]RPHYH[\[HXHۛ[HY\X]H[BX\YH\ˈ\[[ۈ\]Z[XH\Y\\\HZ\[\[Hٙ[HKKݙ\H[\ۙK[\\[ۙ][ۜ[H[H\][˝ZXK˝Z\\Xۙ][ۜ˂RPH]]X[\HY[HوRPH[\[H  KRPH [\[JH\HY[X\وH\X][ۈو]\[\\[\HY\\YY]H[\H[\]]H[[][]H[Y]Y]Y\X M [\[ٙXH[[[][\ ۙۈY ][YK\H  P\[[X\\[Y\\[]]HوRPH [\[JH X\]]ܚ\YHHY[X[Y[][ۈ]]ܚ]B[Y[]YHH[[X[ۙX]]ܚ]H[HY[X[Y[][ۈ]]ܚ]K˙X[\[K˝Z‚PK][ۘ[̌̌K،L˚[ B ̌ M M