CeFS Pensions

Mind Map by , created over 5 years ago

CeFS Unit 2 Topic 2

Created by joan.coverley1266 over 5 years ago
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CeFS Pensions
1 State Pension
1.1 National Insurance Contributions
1.2 SSP and SERPS
1.3 Basic is currently £110.15 - goes up in April
1.4 Taxable
1.5 Liable to change to 'single rate' to reduce need for 'pension credit'
2 Occupational Schemes
2.1 Defined Benefit
2.1.1 Average Earnings e.g. Teachers and other public service
2.1.2 Final Salary Schemes - expensive and disappearing
2.2 Defined Contribution or Money Purchase
2.2.1 Clearly states what will be put in, not clear what you'll get out - will depend on 'performance'
2.3 Auto Enrolment/NEST/Stakeholder Pensions
2.3.1 Pensions Crisis. People must save for a pension.
2.4 You put in and employer puts in
2.5 taxable income
3 Private Pension
3.1 Tax efficient - you put in and Govt/taxpayer puts in
3.2 Long term money purchase/defined contribution
3.2.1 Not clear what you'll get out!

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