If you’re starting to think about retirement, we have five simple things you can check now to see how the New State Pension might affect you.
Why not look at our other material around State Pension changes. You can find more information and useful tips by clicking here.
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.
