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The benefits and conditions vary according to the type of worker and the dates of their service. From 2008 the "Normal Retirement Age" changed from 60 years to 65 years while the cost of membership was increased. From 2015 the scheme retirement age was aligned with the State retirement age (65 - 68). The benefits are index-linked and guaranteed.
These dates varied from 1 January 2012 to 1 January 2017, ... Graduated Pension or Graduated Retirement Benefit: This was earned between 6 April 1961 and 5 April 1975 ...
The chancellor confirmed that the national living wage would rise by 6.7 per cent next year, while the state pension will be uprated by 4.1 per cent, and benefits by 1.7 per cent.
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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The Old State Pension, consisting of the Basic State Pension (alongside the Graduated Retirement Benefit, the State Earnings-Related Pension Scheme, and the State Second Pension; collectively known as Additional State Pension), is a benefit payable to men born before 6 April 1951, and to women born before 6 April 1953.
National Employment Savings Trust (NEST) is one of the qualifying pension schemes that employers can use to meet their new duties. It was set up as part of the government's workplace pension reforms. Nest is a trust-based defined contribution pension scheme, run by a trustee (Nest Corporation) on a not-for-profit basis.