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Discuss The Controversies, Changes And Potential Outcomes Of The Current State Pension’s Situation In The Uk

767 words - 4 pages

What is the Basic State Pension?
The State Pension is a regular form of income provided by the government on or after the retirement age of an individual. There is a limited contribution by individuals towards this state pension, from their national insurance contributions. The working population pay NI contributions from their pay package, but those who do not work also pay NI contributions through their state benefits. Individuals who claim JSA, IS, ESA, the government pays the NI contribution on behalf of these individuals. There is also a second state pension available to top-up the state pension for those who qualify. Any individual who has reached their state pension age can claim ...view middle of the document...

However this will replace the complexity, high levels of means testing and inequality. In the current state pension regulations women get lower pensions than men, this is inequality. Individuals will need to have contributed at least 35 years NI contributions to qualify for the full single tier state pension. For those that have between 10 and 34 years of contributions will receive only part of the state pension. However, other means tested benefits such as pension credit will remain but the savings credit element will be bought to an end.

Reason for the New state pension
Due to changes in the economy medical advances life expectancy has increased, and people live longer while the retirement age remains fixed, this has resulted in not enough money available to cover for a secure retirement for today's population.
The government are improving the State Pension to solve the problem of shortage of funds for retirement individuals by gradually increasing the retirement age for both men and women and cutting out inequality. From analysing the changes in the pension scheme from when it first came about there have been significant changes to...

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