The Pensions Guide
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Background

Pensions Knowledgebase and Glossary

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ItemDescription
Paid work If you have reached State Pension age, but you want to keep doing paid work, you could benefit from New Deal 50 Plus and Jobcentres Plus programmes.
Partnership Fund Funding to local or national organisations and the voluntary sector for projects designed to improve take-up of entitlements and services among older people.
Pay As You Earn (PAYE) Under PAYE the employer or pension provider deducts tax on behalf of HMRC, and you don't usually get a Self Assessment tax return.
But if you're not on PAYE, and/or are due to pay additional tax because of other income not taxed through PAYE you have to account for this income through Self Assessment.
Pension Credit Pension Credit is an entitlement for people aged 60 and over introduced by the Government from October 2003, replacing Minimum Income Guarantee (MIG).
It guarantees everyone aged 60 and over a minimum income.
Pension Protection Fund An organisation that, protects members of defined benefit schemes by paying compensation if their employer becomes insolvent and the pension scheme is underfunded.
Pension Tracing Service If you think you may have an old pension, but are not sure of the details, the Pension Tracing Service can usually help by tracing it for you.
Pensions Education Fund The fund aims to increase financial awareness among working people - both employees and the self employed - giving them the information they need to help them make decisions about their retirement.
Pensions Regulator The regulator of work-based pension schemes in the UK.
Pensions Tax Simplification From 6 April 2006 there was a new tax regime for pensions called Pensions Tax Simplification. It replaced the eight existing tax regimes with one.
Personal Pensions Personal pensions are available from banks, building societies and life insurance companies, who invest your savings on your behalf.
You can start receiving an income from a personal pension from the age of 50 (increasing to 55 by 2010).
There’s no limit on the number of personal pension schemes you can set up, and any contributions you make won’t affect your entitlement to the basic State Pension.
Non earners may be able to pay into a personal pension.
Prescriptions Everyone aged 60 or over can get free NHS prescriptions and eye tests.
If you are receiving the Pension Credit, you may also receive free wigs, fabric supports and vouchers towards the cost of glasses or contact lenses.
Priority Service Register If you are over 60 and a domestic consumer of gas and electricity, you may be eligible for free services.
Every gas and electricity supplier must provide a range of free, optional services under a scheme called the Priority Service Register.
You can find out about free services available under the Priority Service Register from energywatch, the independent gas and electricity consumer watchdog.
Private pension A private pension scheme relies on direct payments to an organisation which invests on your behalf. It can be set up by an employer or private financial company.
Occupational pensions and personal pensions including stakeholder pensions and group personal pensions are types of private pensions.

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