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New State Pension Summary – March 2016

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New State Pension Summary – March 2016

New State Pension Summary – March 2016

A new single-tier pension system is being introduced in April 2016 to replace the current system of a basic state pension and an earnings-related state second pension.

Level of the proposed pension: The new state pension will be set at £155.65 a week in April 2016. The NUT believes the proposed level of the single-tier pension is too low.

Qualifying conditions: Thirty-five qualifying years of NICs or credits would be needed for a full single-tier pension. Currently it takes 30 years to get the full basic state pension.

Abolition of contracting out: The introduction of the new state pension ended ‘contracting out’. Prior to April 2016 the Teachers’ Pension Scheme was contracted out of the state second pension. From April 2016, teachers will pay an additional 1.4 per cent in NICs (on earnings between £5,824 and £40,040 in 2016-2017)

Transition to new scheme: Accrued rights to the state second pension built up under the old system would be recognised (but not fully respected) under the new system.

Existing pensioners:
Pensioners who reached state pension age before the introduction of the single tier pension will retire on the current system. Their pensions will be upgraded according to current rules (currently triple lock for the basic state pension, CPI inflation for the state second pension).

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