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The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have ...
The Pensions Act 2007 (c 22) is an Act of the Parliament of the United Kingdom. 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.
This list of largest pension funds in the United States involves two main groups: government pension funds for public employees and collectively bargained pension funds, jointly managed between employer and employee representatives after the Taft-Hartley Act of 1947.
Key Medicare changes. Premiums and deductibles on Medicare Part B are going down. For the first time in over 10 years, Medicare will become cheaper for millions of retirees. The monthly premium ...
In April 2002 SERPS accrual ended and was replaced by the State Second Pension. The main reason for the change was to provide a larger pension to people of low earnings. From April 2016 the old Basic State Pension plus Additional State Pension (SERPS, State Second Pension and Graduated Retirement Benefit) were replaced by the New State Pension.
Pension tax simplification, sometimes referred to as pension simplification was a British overhaul in 2006 of taxation rules for United Kingdom pension schemes.The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning.
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
The Pensions Act 2014 is an Act of the Parliament of the United Kingdom that received Royal Assent on 14 May 2014. [1] It establishes a new state pension scheme for people who attain state pension age on or after 6 April 2016.
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