The Public Pension System in the United Kindom
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The pension system in the United Kingdom consists of three pillars. The first pillar, compulsory and a flat-rate, is provided by the state and consists of the Basic State Pension (BSP). The second pillar is compulsory for an employers with earnings above a certain floor and is knwon as the State Second Pension (SSP). It is possible to leave (contract out of) SSP to join a voluntary stakeholder, an occupational, or a personal pension scheme, that form the third pillar. The aim of this study is to describe state pension system in the United Kingdom; it describes the current system of pension provision and focuses on the level and on the amount of contribuitions paid for National Insurance Fund, numbers of pensioners and amounts of benefits.
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