Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

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.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Finance Articles Subscribe to RSS

Quick Text Loans- astonishing opportunity to obtain finance quickly
Published by Calvien Peter on November 30th 2011 | Finance
Quick Text Loans are enormous funds that are availed to candidates on sending an easy text to your a...
Debtor finance – general considerations
Published by Adair Sawyer on May 11th 2012 | Finance
Many companies find themselves in the impossibility of further developing their business because the...
Get easy finance for your new business venture
Published by on January 21st 2012 | Finance
Do you want to start your own business, which requires funds but don't have idea on how to arrange t...
Apply and avail the cash required by you with easy online finance
Published by on March 9th 2012 | Finance
Online finance is the proper platform of getting funds when you are empty handed. So do not think mu...
Faulty finance intended to increase values of homes
Published by Sli Dell on March 10th 2012 | Finance
After an allegation of faulty loans on UK banks created a serious problem for them. Specific allegat...
Personal finance can be fun - Saving money in this tight economy
Published by Sandra Parker on January 23rd 2012 | Finance
In a tight economy it can become hard for you to save money. But, in actuality if you give importanc...
Solve many of your problems in a while through quick finance
Published by John Harry on February 18th 2012 | Finance
Easy finances through financers help an individual to fight with the devils of unexpected expenses. ...
Instant Cash Loans: Immediate finance program
Published by Declan Dylan on January 9th 2012 | Finance
Instant cash loans refer to a variety of immediate finance programs which the British people look fo...
Cash Loans No Credit Check Canada: Alleviation of finance crisis
Published by Lily Jacobs on March 12th 2012 | Finance
Cash loans no credit check Canada are an ideal option available to the salaried people of Canada to ...
Overcome finance related business issues with a reliable insolvency company
Published by Ashish Pandey on January 16th 2012 | Finance
Any business might go through different kinds of hurdles and when things get out of control it is go...
Meet all small tasks with ease with short period online finance
Published by Sandra Jeux on March 1st 2012 | Finance
Now don’t bother about urgent cash you need at the time of emergency, apply online with easy short...