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UK Flat Rate Pensions: 7 Essentials You Need To Know

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UK Flat Rate Pensions: 7 Essentials You Need To Know Powered By Docstoc
					Flat Rate Pensions
Are They Good,
Bad or Ugly?
Scots Financial Advisor
William George IFA
takes you inside
with 7 essentials...


Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
"Good question,
and it depends
on age somewhat
but on the whole
these pensions
are a good thing"
Now let's answer the most
essential questions about
the new Flat Rate Pensions...



Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 1

Q: What exactly is the new Flat Rate Pension?

A: It's a new pension plan designed to ensure everyone in
the UK has a pension which is equal, so they know what
they will get when they retire. It simplifies the current
State Earnings Related Pension Scheme which was
among the most complicated in the world.

The "second state" pension will also cease to exist.
Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 2

Q: What will I be entitled to?

A: Everyone will be entitled to the same "flat rate"
of pension payments which will be the same
for men and women.

The pension will pay £144.00 per week.

Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 3

Q: When will this new pension start?

A: The start date for these new single-tier pensions
will be April 2017.




Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 4

Q: How do I qualify?

A: To qualify you must be in the UK workforce and have
worked for 35 years. For those who have not contributed
enough years the Government offers other options, but
these are best discussed with your Financial Advisor.




Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 5

Q: I am a woman/or caregiver but have not
done much work, what will the new pension
mean for me?

A: If you are a woman or a caregiver and have not spent
much time in the workforce then you will benefit because
you will now be included and get a better pension,
especially helpful for those on low earnings.

Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 6

Q: I am self employed, what will these Flat Rate
Pensions mean for me?

A: If you are self employed, then good news, you will
benefit and get the £144.00 per week (proposed rate due to
start in 2017). This is especially beneficial for the many self
employed people who do not currently have anything set
aside and have done no retirement planning yet because
they will now get a State Pension.
Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
Flat Rate or "Single-Tier Pensions
Essential No 7

Q: Are there any downsides?

A: People who have recently entered the workforce, or will
in the near future, will stand to lose slightly, but this will be
offset by the benefit of them knowing exactly what they will
receive upon retirement.

Finally, please also remember that if you currently receive a
State Earnings Related Pension, nothing changes.
Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk
"There we are...
as I said earlier
overall these
Single Tier
Pensions
are good."
If you need more advice
please do phone me below...

Call FREE on 0800 321 3508



Copyright: All Rights Reserved 2013 William George IFA www.williamgeorgeifa.co.uk

				
DOCUMENT INFO
Description: Scottish Independent Financial Advisor William George shares 7 essentials that everyone in UK needs to know because of the newly announced Flat Rate or "Single-Tier" Pensions that everyone will be entitled to in Britain.