Though the majority of those who have worked and lived in Bristol are eligible for this kind of retirement pension, how much that a person is entitled to will depend on the number of National insurance contributions they've paid.
Premier allowance in Bristol provides advice and support on pension, wealth, and benefits matters. For the year 2012/2013 the full pension weekly allowance for a single person who has made sufficient contributions is £107.45.
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State Second Pension
The State Second Pension (S2P) was introduced on the 6th April 2002 by the Child Support, Pensions, and Social Securities Act 2000 to replace the outdated State Earnings Related Pension Scheme (SERPS).
Personal and Stakeholder Pensions
Introduced on 1 July 1988, personal pensions were originally designed to allow people who were paying into a state pension to still pay into a portable pension scheme. Since April 2001 however, some people who are paying into a state pension can also have a personal pension.
Types of Occupational Pension Schemes
o Final Salary Scheme
Final salary occupational pension schemes offer a guaranteed pension amount that is usually based on salary and length of time in employment with an employer.
o Money Purchase Scheme
With a money purchase scheme, the contributions are invested and the final amount is dependent on the performance of the investment fund although with this type of pension there is no guaranteed amount.