OPEN - ESDS

NATIoNAL SAVINGS
BONDS
NATIONAL SAVINGS BANK -
NATIONAL SAVINGS
CERTIFICATES -
NI
NI
RETIREMENT PENS ION -
SICKNESS BENEFIT -
OLD PERSONS PENSION/
OVR 80s PENSION
ONE PARENT BENEFIT -
OPTION ACCOUNT -
PACKAGED HOLIDAY -
PENSION FROM PREVIOUS -
EMPLOYER
PERSONAL PENSION
(PRIVATE PENSION)
There are two types - Income Bonds and Deposit Bonds.
Income Bonds pay out a monthly income based on interest
while Oeposit Bonds accrue the interest until required.
This was formerly the Post Office Savings Bank. There are
two types of account; ordinary accounts and investment
accounts. The investment account offers a higher rate of
interest and longer withdrawal terms than the ordinary
account. There are no cheque books for these accounts,
for both types of account customers havs a book in which
all deposits and withdrawals are recorded. It is possible
to tXanSfer money frOm a National Savings Bank account to
a National Post Office Giro account.
There are two types Index-linked which are described under
that title and ordinary. Ordinary certificates have an
issue number eg ’28 issue” . They are normally for a
period of 5 years.
This is the basic atate pension for retired people ( ie men
aged 65 and o=r, women aged 60 and over) . The rate of
this pension depends upon the record of NI contributions
during working life. It is paid weekly by payment book.
This bsnefit is paid to people who are incapable of work
due to sickness and have satiafied certain NI contribution
conditions. Sickness benefit is paid for 20 weeks while
the person is incapable of work. The benefit is claimed
by filling in the NI Medical Certificate and sending it to
the DHSS Office. Payment is by giro cheque, weekly. From
April 1986 it will be paid only to those not qualifying
for SSP (See Statutory Sick Pay) .
The basic NI retirement pension is conditional on the
record of NI contributions. Old Persons Pension is paid
regardless of the NI contributions record.
This benefit is paid to single parents, whate %er the
reason for them being single parents (ie widowed,
divorced, legally separated or single) . AS this is an
increase in Child Benefit for single parents, the person
must ha= been entitled to Child Benefit in the first
place for at least one child who lives with them. It is
paid weekly or every four weeks by payment book.
See budget account at a shop or store.
Where a trained agent arranges all tra!,el, board and
eating arrangements.
A pension from previous amployer ia based on contributions
made by the employee to the employer’s pension fund or
upon contributions mede by the smployer on the employee’s
behalf.
A pension scheme usually run by an insurance company into
which individuals pay while working so that they can draw
a pension when retired. Most common ly ubed by
self-employed but can be used by employees in place of a
company pension scheme.
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