Depending on your employment history you may be eligible to receive a pension from the Department of Work and Pensions when you reach state pension age.
The state pension age for men is currently 65. The state pension age for women born in April 1955 or later will be 65. For women born between April 1950 and April 1955, state pension age will be between 60 and 65, for women born before April 1950, state pension age is 60.
State pensions are made up of 2 parts for some individuals:
Many schemes, including the United Kingdom Atomic Energy Authority pension schemes, are “contracted out” of the Second State Pension (S2P). This means that as a member of the United Kingdom Atomic Energy Authority pension scheme you pay a reduced National Insurance contribution; and the United Kingdom Atomic Energy Authority pension scheme is responsibility for providing you with a Guaranteed Minimum Pension (GMP).
From 6 April1978 the state retirement pension has been made up of two parts:
The basic pension is based on the individual’s national insurance contribution record and is paid by the Department of Work and Pensions (formerly the DSS).
The Second State Pension (S2P) is based on an individual’s earnings. An occupational pension scheme can contract its membership out of the Second State Pension (S2P). Members who are contracted-out of the Second State Pension (S2P) pay lower National Insurance contributions.
The United Kingdom Atomic Energy Authority pension scheme pays the amount of the minimum guaranteed pension as part of the UKAEA pension and not as a separate and additional benefit.
Modification of Pension
Until April 1980 contributions to the schemes were slightly reduced to take account of the state pension. If your service began before April 1980 your United Kingdom Atomic Energy Authority scheme pension after state pension age will be “modified” or reduced. The same will apply to members who participated in the State Graduated Pension Scheme (which ended in April 1975). The maximum reduction as a result of “modification” is £78 a year.
For further information regarding state benefits visit the Department of Work and Pensions website www.dwp.gov.uk
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