RETIREMENT PENSION

A state retirement pension is payable on retirement to women at the age of 60 and men at the age of 65. The Sex Discrimination Act 1986 protects employees of different sexes in a particular occupation from being required to retire compulsorily at different ages. The state pension scheme consists of a basic pension together with an additional earnings-related pension. From October 1989 pensioners were able to have unlimited earnings without affecting their pensions.

Those who have put off or cancelled their retirement during the five years after minimum pension age may earn extra pension. A non-contributory retirement pension is payable to people over the age of 80 who meet certain residence conditions, and who have not qualified for a contributory pension. People whose pensions do not give them sufficient resources to live on may be entitled to income support.

Rights to basic pension are safeguarded for mothers who are away from work looking after children or for people giving up work to care for severely disabled relatives. Women contributors receive the same pension as men with the same earnings provided they have paid full-rate National Insurance contributions when working. From the year 2000 the earnings-related scheme was based on a lifetime’s earnings instead of on the best 20 years and is to be calculated as 20 per cent rather than 25 per cent retiring last century were unaffected.

Employers are free to “ contract-out “ their employees from the state scheme for the additional earnings-related pension and to provide their own occupation pension in its place, provided that the latter is at least as good as the state additional pension. The State remains responsible for the basic pension. There are at present around 90,000 occupational schemes, with some 11 million members-about half the working population. As part of a programme to reform the occupational pensions system, the Government has introduced measures to protect against inflation the pension rights of people who change jobs before pension age; to give workers leaving a scheme the right to a fair transfer value; and to require pension funds and other pension schemes to provide access to more information about their schemes. The Social Security Act 1986 gives all employees the right to choose a personal pension rather than staying fully in the State Earning-related Pension Scheme or in an employer’s scheme. Such pensions will qualify for contracting out of the State Earnings-related Pension Scheme and will enable people to choose from a wide range of schemes available from banks, building societies, and trusts.

Form nouns of the following verbs.

V+(a)(t)ion – N

To discriminate - -------------------

To reduce - -------------------------

To cancel - --------------------------

To calculate - ----------------------

Form adverbs of the following adjectives.

Adj + (l)y – Adv

Particular - ------------- previous - ---------------

Compulsory - ----------- sufficient - --------------

Free - -------------------- full - ----------------------

Match the synonyms and translate them.

b) pay 11. offer 21. compulsory

c) earn 12. lower 22. earlier

d) receive 13. salary 23. allowance

e) fair 14. gain 24. compensation

f) accept 15. previously 25. obligatory

g) reduce 16. lessen

h) give 17. prior

i) income 18. just

j) wages 19. payment

k) honest 20. compensate

Match the antonyms and translate them.

n) contributory 9. lessen

o) give up 10. unfair

p) affected 11. neglect

q) fair 12. decrease

r) reduce 13. non-contributory

s) look after 14. unaffected

t) at work 15. increase

u) start 16. away from work

Make up and translate the following word combinations.

Compulsorily - protected

Additionally - calculated

Previously - required

Sufficiently - paid

Introduced

Reduced

Employed

Measured

Informed

Affected

Translate the following word combinations into Russian.

To provide - people

Access to information

Measures

A retirement pension

An occupational pension

Minimum pension

Income support

A personal pension

Match the words with the correct definitions.

1. to inflate a. money earned

2. to contribute b. sum of money paid regularly by the state to people, or

by an employer to a retired employee

3. to earn c. to take action to increase the amount of money in

circulation so that prices rise

4. earnings d. linked to and changing with one’s earnings

5. pension e. to give one’s share of ( money, help, advice) to help a

joint cause / give pay to common fund

6. earnings-related f. get money by working; to gain by labour,

service, or performance

Answer the questions.

- What does the Sex Discrimination Act 1986 provide for employees ?

- What does the state pension scheme consist of ?

- When were pensioners allowed to have unlimited earnings without affecting their pensions?

- How did large earnings affect the state pension in the past?

- What category of the pensioners is eligible for earning extra pension ?

- Whom is a non-contributory retirement pension paid to ?

- What category of people may be entitled to income support ?

- How many occupational pension schemes are there in Great Britain at present ?

- What rights did the Social Security Act 1986 give all employees ?

UNEMPLOYMENT BENEFIT

Unemployment benefit is payable for up to a year in any one spell of unemployment. Periods covered by unemployment or sickness benefit, maternity allowance or some training allowances, which are eight weeks or less apart, are linked to form one period of interruption of employment. Everyone claiming unemployment benefit has to be available for employment, but unemployed people wishing to do voluntary work in the community may do so in certain circumstances without loss of entitlement to benefit. The Social Security Act 1986 aims to ensure that people seeking unemployment benefit take active steps to find work and have good cause for rejecting any employment offered them.

INCOME SUPPORT

Income support is payable to people who are not in work, or who work for less than 24 hours a week, and whose financial resources are below certain levels. Income support is the difference between a person’s existing resources and specified weekly levels consisting of a personal allowance with additional premiums for families, lone parents, pensioners, and long-term sick and disabled people.

HOUSING BENEFIT

The housing benefit scheme offers help with the cost of rents and local taxes-rates and the community charge-to people with low incomes, using general assessment rules and benefit levels similar to the income support scheme. People whose net income is no higher than certain specified levels receive housing benefit equivalent to 100 per cent of their rent and 80 per cent of their rates.

Both income support and housing benefit schemes introduce a limit to the amount of capital a person may have and still be entitled, and income is taken into account net of income tax and National Insurance contributions.

FAMILY CREDIT

Family credit is payable to working families on modest incomes with children. Family credit, which is additional to child benefit, is related to net income, and to the number and ages of children in the family. A maximum rate, consisting of an adult rate plus a rate for each child, is payable when the net income does not exceed & 54.80 a week. The rate is then reduced by 70 pence for each pound by which net income exceeds this amount.

TAX RELIEFS

Tax Reliefs. Social security benefits, other than child, maternity, sickness, invalidity and disablement benefit, are regarded as taxable income. Various income tax reliefs and exemptions are allowed on account of age or liability for the support of dependants. The following benefits are not taxable: income support ( except when paid to the unemployed and to people involved in trade disputes ), family credit, attendance allowance, mobility allowance, severe disablement allowance, and war pensions.

OTHER BENEFITS

Other benefits for which unemployed people and those on low incomes may be eligible include exemption from health service charges, grants towards the cost of spectacles, free school meals and free legal aid. Reduced charges are often made to the unemployed, for example, for adult education and exhibitions, and pensioners usually enjoy concessionary transport fares.

Find the words of the same root and translate them.

Tax creditor causeless financial

Rent to interrupt exemption taxable

Finance rejection difference similarly

Liability rental limitless existing

Cause different tax-free limit

To reject to exist similar to depend

Credit similarity liable rentable

To exempt non-taxable dependable interruption

Match the synonyms and the synonymous expressions.

1. difference 9. to be composed of 17. trade

2. to consist of 10. amount 18. to regard

3. to receive 11. variety 19. to take into account

4. equivalent 12. to comprise 20. value

5. to allow 13. to obtain 21. to consider

6. to get 14. equal 22. to relate

7. to permit 15. to let 23. occupation

8. variation 16. sum 24. to concern

Match the definitions with the words.

1. liability a. concerning money and finance

2. rent b. 1. to free / release (smb) from an obligation,tax,duty or

payment, not liable

2. not subject to an obligation, tax.

3. finantial c. an amount paid in addition to a standard rate,price or

wage, bonus.

4. to exempt d. money, food, or clothing given to people in special need

5. relief e. the means of maintenance of a family or a person

6. premium f. 1. the state of being liable

2. a financial obligation

7. support g. regular payment made for the use of land, premises,

machinery.

Date: 2015-01-29; view: 2226