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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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