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Frozen state pensions is the practice of the British Government of "freezing" UK State Pensions, (that is, not uprating the amount in line with "Triple Lock" on an annual basis, as is done for residents in the UK), for pensioners who live in the majority of other countries, apart from the European Community countries and other countries with reciprocal agreements with the UK.
Similarly, civil partners who reach State Pension Age on or after 6 April 2010 are able to claim a Category B pension on the same basis. No provision has been made for married partners to claim a reduced pension under the New State Pension, as it is intended people will have longer working lives and personal contribution records to claim against.
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions. The state pension is based on years worked, with a 35-year work history yielding a pension of £203.85 per week. [1]
One common question that arises when leaving a job is whether you can cash out your defined benefit pension plan. Defined benefit pension plans, often referred to as traditional pension plans ...
A QROPS can be appropriate for British citizens who have left the UK to emigrate permanently and intend to retire abroad having built up a British pension fund. Alternatively, a person who is born outside the UK having built up benefits in a UK-registered pension scheme can move their pension offshore if they want to retire outside the UK.
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.
A personal pension scheme (PPS), sometimes called a personal pension plan (PPP), is a UK tax-privileged individual investment vehicle, with the primary purpose of building a capital sum to provide retirement benefits, although it will usually also provide death benefits.
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