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A minimum employer contribution is a mandatory pension contribution in the United Kingdom, which was made compulsory by the Pensions Act 2008, however it did not come into force until 2012. As a result, all staff are required to be automatically enrolled in a pension scheme when they join a firm. [ 1 ]
Members of all three modern armed forces are members of the Armed Forces Pensions Scheme, which is a career average defined benefit pension scheme, and is described by the government as one of the most generous pensions available in the UK today. [34]
The State Pension is an existing welfare benefit that forms part of the United Kingdom Government's pension arrangements. Benefits vary depending on the age of the individual and their contribution record. Currently anyone can make a claim, provided they have a minimum number of qualifying years of contributions.
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.
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 ...
International Pension Centre (IPC) deals with all enquiries regarding the payment of state pension, bereavement benefits, incapacity benefits and other such benefits for those living abroad. [25] Local Pension Centres deal with localised claims for state pension and retirement related benefits. Pension Centres are found all over the country.
Basic pension: Social insurance system: No, closed in 2008: N/A Armenia: Social assistance: Social insurance system: Mandatory individual accounts: Voluntary pensions Australia: Social assistance: Mandatory occupational pension system: N/A: N/A Austria: No: Social insurance system: Occupational pensions: Private pensions Bahrain: No: Social ...
A qualifying recognised overseas pension scheme, or QROPS is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive transfers of British pension benefits. The QROPS programme was part of British legislation launched on 6 April 2006 as a direct result of EU human rights requirements ...