RHM Pension Plan 35 and Plan 45 - RHM Pension Scheme - UK.com

Two-part pension
◆
8
◆
◆
The State Pension Scheme
There are two parts to the State Pension Scheme:
◆ The State Basic Pension Scheme.
◆ The State Earnings-Related Pension Scheme (SERPS), which will be
replaced, from April 2002, by the State Second Pension.
State Pension Age
State pensions are payable from State Pension Age which is currently 65 for men
and 60 for women but which will be equalised at 65 for both. This change will
be phased in over a 10-year period from the year 2010 with the following effect:
All women born before
6th April 1950
Women born between
6th April 1950 and
5th April 1955
All women born after
5th April 1955
Example For a woman who was born on 5th July 1953, her birthday falls 3 years (36
months) and 2 full months after 5th April 1950, so she will start to receive her State
pension from 6th September 2016, i.e. at age 63 years and 2 months.
State Basic Pension
Will still get their State pension at age 60
Will receive their State pension between age
60 and 65. Add one month to age 60 for each
month or part-month that their date of birth
falls after 5th April 1950
Will get their State pension at age 65
The State Basic Pension is a flat-rate amount paid to everyone who has a full
National Insurance contribution record. If you do not have a complete record,
you may be entitled to a proportion of the full State Basic Pension.
◆
For 2001/2002, the full State Basic
Pension is:
£72.50 a week (£3,770 a year)
for a single person and
£115.90 a week (£6,026.80 a
year) for a married couple.
You can obtain a forecast of
how much pension you are likely to
receive from the State. This can be
done at any time by completing
Form BR19, available from your
local Benefits Agency office or
on-line at www.dss.gov.uk (click on
the “Pensions and retirement” section).
Women paying
reduced
NI contributions
If you are a married woman or
widow who, prior to April 1977,
elected to pay National Insurance
contributions at the special reduced
rate, you will not earn any State
Basic Pension in your own right
(although your husband may be
entitled to an additional State
pension for you). You will,
however, qualify for the full range of
benefits from The RHM Pension
Scheme, as described in this booklet.