State Pension

When Nicholls Stevens draw up a financial plan for a client it is important to include the value of the State Pension. this can be obtained by going on line to obtain a forecast or by the completion of a form BR19

The State pension comprises a number of facets – not everyone will be entitled to all these benefits:

  • Basic State pension – From April 2010 the contribution period to qualify for a full state pension has been reduced from 44 years to 30 years
  • State Second Pension (previously called SERPS) – this benefit is based on earnings since April 1978 and is only available for those years in which you have been in employment (it does not apply to any years in which you were self employed or contracted out)
  • Graduated Pension – this benefit is based on national insurance contributions made between April 1961 and April 1975

The State Pension Age for women is gradually increasing from 60 to 65 until for those born after April 1955 State Retirement Age will be 65. Anyone born after April 1959 will see their State Retirement Age increased so that by 2046 those born after April 1978 will have a State Retirement Age of 68.

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John and Ann

John – Retired – aged 79 and his second wife, Ann – age 68

The Client had  children by a previous marriage. He was keen to safeguard the position for his partner. He needed to know that if he died first she could be provided with sufficient income but that eventually his assets would pass to his own family.

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