A mandatory contribution taken from your monthly income for employees if your earnings are above £153 per week, or are self-employed and making a profit of over £5,885 per annum. National Insurance payments throughout your working life ensure you receive certain benefits including the State Pension when you retire.
A sum of money saved over a person’s lifetime for something in the future.
The final profit after all other costs have been deducted, such as maintenance costs, management fees, taxes and interest payments.
An employer pension scheme where the employer is responsible for funding the scheme but do not require individual member contributions. These pension types are rare because of the high operating costs for employers, with most choosing the standard contributory pension schemes.
The normal minimum pension age (NMPA) is the earliest age within the tax system at which you can access your private pension wealth – currently 55. Any pension payments made before NMPA are unauthorised payments and subject to a tax charge.
National Union of Students.
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