The Pensions Guide


Pensions Knowledgebase and Glossary

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Band earnings The earnings between the lower earnings limit for national insurance contributions and the upper earnings limit. The State Second Pension is worked out on these earnings.
Basic State Pension You can claim basic State Pension from State Pension age: currently 65 for men and 60 for women (rising to 65 by 2020).
You can get a basic State Pension by building up enough 'qualifying years'.
You don't have to claim your State Pension as soon as you reach State Pension age.
You can claim it later and get a higher weekly amount or take the option of a one-off taxable lump-sum payment plus your normal State Pension instead.
Beneficiary This is a person who is getting pension benefits, or will do so when a particular event happens.
Benefit statement This is a statement of the pension benefits a member has earned. It may also give a prediction of what their final pension might be.
Benefits With pension schemes, this is everything the member gets after retiring because they were part of the scheme. It usually means the money paid to the member as their pension.
It could also include death benefits. With insurance, this is the money the insurance firm pays out if something happens. For example, a life assurance policy would pay death benefits if the insured person dies.
Benefits Agency This is an organisation connected to the DSS. It is in charge of paying state benefits such as Income Support and Jobseeker's Allowance.
Benefits in kind Things other than money which an employer gives to you for doing your job, for example a company car or a clothes allowance.
Only benefits in kind which are taxed are usually counted when working out figures to do with pensions.
Bereavement If a relative dies, you may need to know what to do about their State Pension or private pension.
Bereavement Allowance A Bereavement Allowance is based on your late husband or wife's National Insurance (NI) and paid for 52 weeks from the date of bereavement.
Bereavement Payment If you're over State Pension age you will not usually be able to get Bereavement Benefit. If your husband, wife or civil partner was not getting a category A State Pension you may be able to get a Bereavement Payment.
You may also be entitled to a Funeral Payment, or, if your spouse or civil partner was a war pensioner you may be entitled to help from the Veterans Agency.
Bid price The price members of a unit trust will get for each unit if they cash them in.
Bridging pension A pension which a member may receive from their pension scheme between the time they retire and the time they reach their state pension age.
Budgeting Loans A loan may be possible if you or your partner have been getting Income Support or income-based Jobseeker's Allowance or Pension Credit for at least 26 weeks.
If you need help with certain expenses that are hard to pay out of your regular income, you can apply for a Budgeting Loan.
These loans are interest-free. You will need to agree with your local Jobcentre Plus office how and when you pay back your loan.
Bulk transfer When a group of members is moved from one occupational pension scheme to another.
Buy out policy An insurance policy which pension scheme trustees can buy for a member instead of paying them pension benefits. The insurance company pays the member (or the member's dependants) a pension.

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