The Government has announced that in June 2016 there will be some key changes to the way the State Pension works and the amount you will get paid, as well as how and when to claim it. This page provides you further information about this so you can stay on track with your retirement planning.
KPS-MP
The Kingfisher Pension Scheme – Money Purchase Section
KPS-FS
The Kingfisher Pension Scheme – Final Salary Section
Linked KPS-FS and KPS-MP Pension
Benefits within both the Final Salary and Money Purchase sections of the Kingfisher Pension Scheme.
Net income
The amount you receive after tax.
Basic State Pension
The flat rate (not earnings related) state pension paid to all who have met the minimum NI contribution requirements, their spouses, subject to certain conditions, and widow(er)s.
Additional Pension or State Second Pension or SERPS
The earnings related element of the state pension scheme to enhance the basic state pension.
State Pension Age
The age from which your State Pension becomes payable.
Contracted-Out Scheme
Whilst a member of a contracted out pension scheme (like the Kingfisher Pension Scheme Final Salary section) in exchange for lower National Insurance contributions you give up part or all of it and receive extra pension from your occupational scheme or personal/stakeholder pension instead. While you’re a member of a contracted out pension scheme you don’t contribute to the Additional State Pension.
