The guaranteed State pension in the United Kingdom has been revised for the year 2011-2012 to be £102.15 a week for a single individual. This is an increase of 7% since last year. Of course, you should have made your payments to the National Insurance Contribution. You could get additional credits toward your National Insurance contribution if you are self-employed, a parent, unemployed or caring for a child below the age of twelve. Additional pension credits can give you up to £137.35 a week for a single person and £209.70 if you have a partner. These rates are revised every year based on the budget forecasted as well as the cost of living expected for the year.
While your age and gender affect the pension which you will receive, the most important factor that influences your pension and the amount paid to you is your contribution to the National Insurance. Old Age Pension can now be increased if you are in a marriage or civil relationship. Since this system is based on credits, paying the correct contributions can assure you of a basic pension entitlement. Basic entitlement relies on a steady contribution equivalent of 49 years of working between the ages of 16 and 65.
However, various situations such as illness, disability and unemployment may prevent these contributions. However, there are additional credits for these circumstances which may be obtained. If you are able to work beyond the age of 65, your tax burden is also reduced and you do not need oto make any more contributions to the National Insurance. Detailed information is available on the website: www.direct.gov.uk/en/Pensionsandretirementplanning/index.htm
While your age and gender affect the pension which you will receive, the most important factor that influences your pension and the amount paid to you is your contribution to the National Insurance. Old Age Pension can now be increased if you are in a marriage or civil relationship. Since this system is based on credits, paying the correct contributions can assure you of a basic pension entitlement. Basic entitlement relies on a steady contribution equivalent of 49 years of working between the ages of 16 and 65.
However, various situations such as illness, disability and unemployment may prevent these contributions. However, there are additional credits for these circumstances which may be obtained. If you are able to work beyond the age of 65, your tax burden is also reduced and you do not need oto make any more contributions to the National Insurance. Detailed information is available on the website: www.direct.gov.uk/en/Pensionsandretirementplanning/index.htm