state schemes

Question 1

garuntee credit

Answer 1

• this is for £201.05 per week. it takes into account all other info
• state pension is included
• both have to meet the state pension.
• savings over £10,000.00 are counted through classing every £1 for every £500. ie £17,000 = 17,000- 10,0000/ 500.
• it’s 201.05 for part of as well.

Question 2

the new state pension

Answer 2

• Post april the new state pension is £203.85 per week. With 35 qualifying years.
• if they have any other state pension they can get more.
• it’s above pension credit and the BSP
• some countries have an agreement with the UK that allow them gets vcertifxtae to pay the state pension.
• a calculation on all individuals that’s have any entitlements to the old system is calculated at the introduction of the new one if they were entitied to more than £156.65 they were protected amount.

-if under you can buy more years. all protections do not go up in line with the triple lock

Question 3

class 3

Answer 3

• the system is pay as you go
• class A payments were added to allow 50% spousal and allowed for additional state pensions.

the triple lock protects these payments.

• people who move abroad will have their state pension as of the date of their retirement / when moving abroad

Question 4

BSP

Answer 4

• 30 qualifying years
• a dependant who had 60% of the BSP could claim a category B pension depending on the spouse

— category b pensions are for people who did not qualify for one in their own right.

• the category B is £93.60 and can be reduced ie if their spode did not have thirty years it would be 90% ie 90% of 93.60 a week.
• you can get both a category and category B pension but it is reduced proportionately by taking your a off your b

Question 5

moving to the new system

Answer 5

• people whose starting amount was equal to the new system where likely to have worked the majority of their lives as lower earning, on NI credit or been self employed.
• people whose starting amount is less than the new state pension were far off retirement or older people who had spent years contracted out
• the starting amount is much higher is when people have spent the majority of their lives working and we’re contracted in. they are protected with additional payments. when lay laying use the figure 119.30

-

Question 6

old style

Answer 6

• deferring then meant that if you waited for 5 weeks your pension would go up by 1% with no cap
• deferring for a year meant you could get a lump sum
• with 2% higher than the interest rate and if you would get to keep these rules post switch
• people inherited deferred ones as well

Question 7

new style

Answer 7

people who reached spa in the new system could still defer hit had to do it for 9 weeks this would go up 1%. this meant a year would be 5.8% instead of the previous anount

• you can’t do it as a lump sum
• can not claim a deceased several but can get three months non payment

Question 8

living abroad

Answer 8

• if you don’t live in the uk the EEA or swifter land then your pension will not increase from your state pension age / when you left

Question 9

changing pension age

Answer 9

• equalisation 2016
• 66 in 2020
  -67 2026-2027
• needs to be reviewed in each parliament - max 5 years

Question 10

state pension death benefits

Answer 10

• needs to have paying for 25 weeks of previous tax
• higher is 3500 and £350 per month
• lower is 100
• can claim after three back dated and within 12 for the initial. if not thb you will not be paid the full amount

S2p allows you to get 50%

Question 11

anounts

Answer 11

-BSP 2023 £156.20
- category b £93.60

2016 BSP staring amount 119.20

• new state pension is 203.85
• pension credit is 201.85 and 306.85

Question 12

deferring

Answer 12

• old is about 10.4% each year
• 5.8 % per year