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The NHS Pension Scheme has 1.7 million members actively contributing, 713,000 deferred members and 1 million pensioners receiving benefits. [3] The benefits and conditions vary according to the type of worker and the dates of their service.
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Graduated Pension or Graduated Retirement Benefit: This was earned between 6 April 1961 and 5 April 1975. Qualification was based on the amount of contributions paid, which are used to buy ‘units’. The value of a unit is £7.50 for men and women. [11] Graduated pension typically pays a small amount (£1 or so per week) to those entitled to it.
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It is possible to defer claiming a State Pension at SPA. [22] For individuals who reached SPA before 6 April 2016, deferred pensions are increased by 1% for every 5 weeks that the pension is not claimed (approximately 10.4% per year). Alternatively pensioners who have deferred their pension can claim a lump sum and an unenhanced pension.
It incorporated the main findings of the all-party Pensions Commission in 2006 as set out in the white paper Security in retirement: towards a new pension system [2] published in May 2006. The key provisions were: [3] Reduction of the qualifying years for a full basic State Pension from 44 years for men and 39 years for women to 30 years for both.
Pension liberation carries large costs. HMRC imposes a 55% tax charge on any money released, and the scheme could have very high fees in excess of 20%. HMRC also charges a further 55% tax on the scheme's fee. The table below gives an example breakdown of the tax and fees, demonstrating how little the pension holder receives:
The NIF are used to pay for social security benefits such as state retirement pensions, but not for the means tested Pension Credit and Tax Credits. National Insurance contributions also provide a small part of the funding for the public healthcare systems in the UK (including the National Health Service in England), but contributions are paid ...