| Uk Pension Provision |
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Information AboutUk Pension Provision |
STATE PENSIONS The State provides basic pension provision to prevent poverty in old age. State Old Age Pension (SOAP) Qualification is based on national insurance contribution history. Age Addition was introduced in 1971 with 25p per week added to the State Pension for people aged 80 or over. Additional Pension Graduated Pension State Earnings-Related Pension Scheme (SERPS) From 1978 to 2002. Qualification based on ''mid band earnings''. State Second Pension From 2002 onwards. Other State Provision CONCEPTS Continuation of earnings. Tax Advantages Growth free from capital gains tax, corporation tax and income tax. Proceeds exempt from inheritance tax. Approval To gain the tax advantages the scheme must seek approval from the HMRC . Compulsory Purchase Annuities An annuity purchased with pension scheme proceeds taxed as earned income. OCCUPATIONAL PENSIONS Types:
INDIVIDUAL PENSIONS Types
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