GMB Magazine GMB25 Fusion Summer 2016 - Page 21

Don ’ t get PENSIONED OFF !

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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 .

SINGLE TIER STATE PENSION
There ’ s now one Single Tier State Pension only . That means , if you are in a workplace pension such as a Career Average or Final Salary Pension that was contracted out of the State Second Pension , the contracting out has now ended . If you were contracted out , you paid less National Insurance . Therefore from 6 April , you may have noticed that your National Insurance payments increased and your National Insurance category may have changed from D to A .
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
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 contribution we can make . The reason for this is that your employer saves money by entering you at this level because they pay less in , too . Up to two-thirds of members are not maximising the money they can get from employers for retirement . Check on your pension statements or payslip to see how much you are contributing and find out if you contribute more , how much more you could receive in
contributions from your employer , too . If you ha

MORE INFORMATION

If you have any pension queries or want to find out how we can help you improve your employer ’ s pension scheme , contact pensionsdept @ gmb . org . uk

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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 [\[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