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Shrinking Pension Plan worry to working peoples

By Sam Hopkins Subscribe to RSS | February 25th 2012 | Views:

Millions of workers will see changes to their state pension from April 6. Due to record low annuity rates and big falls on the stock- market, which determine the annual income savers can buy with their pension pots – dreams of numerous pensioners is in slip state. The pensioners who are not suppose to receive top-ups to the state pension and have an ordinary money purchase pension will be affected while new rules will not affect who has a final-salary pension and are contracted out. From April 6, on every annual payment of national insurance, the pensioner will receive an extra £1.70 a week on top of state pension. Plus, anyone earning above £14,700 can get up to £150 a week.

According to the report of the Prudential, those retiring this year are banking on an average annual pension of £15,500 – £3,000 a year less than those who retired in 2008 and more than £1,000 a year less than last year. In the new rules of pension the first is the value of the second state pension. High earners will receive less, but most people will receive more. Second change will bar workers from taking their state pension top-ups and putting them in their own pension fund, known as contracting out. The third new rule will allow the retirees to use their second state pension but there is a drawback in this rule. This could leave wives being left with no pension when their husband dies.

Annuity rates have gone down to the lowest levels in history, which is trapping hundreds of thousands of newly-retired workers each year into a less comfortable retirement. The National Association of Pension Funds estimates private sector workers are being robbed of up to £1 billion a year by poor annuity deals. Need some urgent money apply with same day loans no credit check @ and get funds on the day you apply with ease.

The upcoming rule in pension is bringing change in the age of pensioners. For years the age for pension claims in UK has been 65 for men and 60 for women. But now the new required age for pension plan will be 67 for both men and women. This news has inserted anger among the people in UK. However the Government has offered them a reprieve. In October, it said the maximum wait would be eighteen months rather than two years.

The new pension rules are creating chaos among the people and a feeling of insecurity for their old age is hitting the UK people.

Sam Hopkins - About Author:
Sam Hopkins is expert financial adviser. He gives his expert views on finance UK. He writes articles for same day loans no credit check @ , same day 12 month loans and ame day loans no fees.

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