Posts Tagged ‘Pension’

Pension victory for ½m women after changes

Friday, October 24th, 2008

Only around a third of women reaching retirement age currently qualify for the whole amount. To get the full state pension, women must have 39 years of contributions and men 44 years. But millions fail to build up enough years because they take time off work to care for their families. The new legislation will slash the qualifying period for women from 39 to 30 years. It will also introduce new weekly national insurance credits which will recognise caring for children or the severely disabled in the same way as paid work.

Ministers say the reforms will mean an extra million people – 90% of them women - will build up entitlement to a state second pension from 2010, and by 2025 over 90% of women reaching pension age entitled to a full state pension.

Early Christmas present for pension wind-up victims

Monday, December 17th, 2007

After five and a half years of campaigning by workers (who lost their pension when their company schemes were wound up), criticism from MPs, the Parliamentary Ombudsman and others, the government has finally backed down and now plans to offer more help.  Originally between 10% and 12% of a person’s pension scheme would have been paid out.  But this rescue package worth £2.9bn will payout 90% subject to an inflation-linked cap of £26,000.  Final details of the plan will be confirmed in 2008.  With 141,000 people affected, the question is how long will it take the government to make these much needed payments?
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