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From 2015 the scheme retirement age was aligned with the State retirement age (65 - 68). The benefits are index-linked and guaranteed. They are based on final salary and years of membership of the scheme (members who joined before 1 April 2015) or career average salary (members who joined after 1 April 2015).
Following the passage of the Old Age Pensions Act 1908 a pension of 5/— per week (£0.25, equivalent, using the Consumer Price Index, to £33 in 2023), [2] or 7/6 per week (£0.38, equivalent to £49/week in 2023) for a married couple, was payable to persons with an income below £21 per annum (equivalent to £2800 in 2023); the qualifying ...
Initially, it was a contributory form of insurance against illness and unemployment, and eventually provided retirement pensions and other benefits. [1] Currently, workers pay contributions from the age of sixteen years, until the age they become eligible for the State Pension.
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[1] The Pensions Act 2008 established new duties which stated that employers need to provide their UK workers with access to a workplace pension plan that meets certain minimum standards. Some workers will be automatically enrolled into the pension plan and others can ask to join. The former is called 'automatic enrolment [2] '. These reforms ...
The Scottish Public Pensions Agency (Scottish Gaelic: Peinnseanan Poblach na h-Alba) is an executive agency of the Scottish Government. It is responsible for the administration and regulation of government pension schemes in Scotland. This includes the pension schemes of NHS Scotland and for Scotland's teachers.
Long title: An Act to establish an extended system of national insurance providing pecuniary payments by way of unemployment benefit, sickness benefit, maternity benefit, retirement pension, widows' benefit, guardian's allowance and death grant, to repeal or amend the existing enactments relating to unemployment insurance, national health insurance, widows', orphans' and old age contributory ...
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