GMB Magazine GMB25 Contact 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. Check on your pension statements paid less National Insurance. Therefore from or payslip to see how much you are 6 April, you may have noticed that your contributing National Insurance payments increased 1and 20/06/2016 UIA076_GMB_A5_Press_Ad_vFinal.pdf 10:07 and find out if you contribute more, how much more you could receive in your National Insurance category may have contributions from your employer, too. changed from D to A. MORE INFORMATION queries or want If you have any pension help you improve to find out how we can scheme, on nsi your employer’s pe t@ ep sd ion ns contact pe gmb.org.uk If you ha We’ll guarantee to beat your home insurance renewal quote˚ Call us quoting MAG116: 0800 072 99 22 or get £50 Cashback when you buy online* Lines open 8.30am - 8pm Mon-Fri, 9am - 1pm Sat ˚ ‘Price Guarantee' is an introductory offer and applies to new customers only for the first 12 months of the policy, subject to our usual acceptance and underwriting criteria. Full terms and conditions can be found by visiting www.uia.co.uk/terms-conditions. *To be eligible for this promotion, you need to register using our online registration form, purchase a new UIA home insurance policy online through our website and be accepted by us. This promotion is not available to customers who purchase their insurance offline i.e. over the telephone. Full terms and conditions can be found by visiting www.uia.co.uk/terms-conditions. UIA Mutual is a trading name of UIA Insurance (Ltd). UIA (Insurance) Ltd is a member of the Association of British Insurers and is a registered society under the Co-operative and Community Benefit Societies Act 2014. Principal Office in England at Kings Court, London Road, Stevenage, Herts SG1 2TP. GMB is an Introducer Appointed Representative of UIA (Insurance) Ltd, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. www.gmbinsurance.co.uk GMB25.national_20_21.bob13.indd 21 20/06/2016 14:28