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Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions. The state pension is based on years worked, with a 35-year work history yielding a pension of £203.85 per week. [1]
State Pension (United Kingdom) The State Pension is an existing welfare benefit that forms part of the United Kingdom Government's pension arrangements. Benefits vary depending on the age of the individual and their contribution record. Currently anyone can make a claim, provided they have a minimum number of qualifying years of contributions.
UK Government welfare expenditure 2014–15 [22] Benefit Expenditure (£bn) State pension: 86.5 Tax credits (Working tax credits and Child tax credits) 29.7 Housing Benefit: 23.5 Disability Living Allowance: 15.4 Incapacity benefits: 14.1 Child benefit: 11.6 Pension Credit: 6.6 Attendance Allowance: 5.4 Jobseeker's Allowance: 3.1 Income Support ...
Pension Credit. Pension Credit is the principal element of the UK welfare system for people of pension age. It is intended to supplement the UK State Pension, or to replace it (for example, if the claimant did not meet the conditions to claim a State Pension). It was introduced in the UK in 2003 by Gordon Brown, then Chancellor of the Exchequer.
The State Second Pension (S2P), or Additional State Pension, was introduced in the UK by the Labour Government on 6 April 2002, to replace the SERPS (State Earnings-Related Pension Scheme). The main aim of this change was to skew existing Additional Pension (AP) benefits in favour of low and moderate earners at the expense of higher earners and ...
Employment and Support Allowance. Employment and Support Allowance (ESA) is a United Kingdom welfare payment for adults younger than the State Pension age who are having difficulty finding work because of their long-term medical condition or a disability. It is a basic income-replacement benefit paid in lieu of wages.
Independent Public Services Pensions Commission. The UK Chancellor invited John Hutton to chair an independent commission on public service pension provision. [1] This was intended to reduce the otherwise increasing cost of taxpayer-funded state pensions (as life expectancy increased) while ensuring adequate levels of retirement income.
The most significant area of government spending is welfare (£341 billion in financial year 2023-24), [2] with the largest single element of this being for the State Pension, which totals £124 billion. Other kinds of welfare payment such as Universal Credit sum to £83 billion, while £35 billion is spent on disability benefits. [5] [6]