Basic State Pension What you need to know

Basic State Pension What you need to know by Michael Cheary When thinking about your future, its vital to know what youre entitled to.With a large variety of pension schemes available, both through the government and through your place of work, calculating your retirement fund can be confusing.Whether youre starting to plan for life after work, or youre simply interested in learning more, the best place to start is learning about your basic State Pension.What is the basic State Pension?The basic State Pension is a regular payment, provided by the government, which you receive when you reach State Pension age (SPA).Its automatically paid into an account of your choice every four weeks, although you must have paid or been credited with a certain amount of National Insurance contributions in order to claim.How much is it?As of 2012/13, the maximum basic State Pension is currently 107.45 per week.However, its also important to consider that this amount increases every year. The amount it increases by will be determined b y whichever of the following factors is highest:The average growth in wages in the UK (%)The growth in prices in the UK, as measured by the Consumer Prices Index (%)2.5%Am I eligible?There are a number of factors which may affect eligibility.Firstly, the earliest you can claim is when you reach State Pension age. The minimum age is subject to change, so always check to make sure youre up-to-date.Aside from age, in order to get the maximum basic State Pension you must have completed the minimum number of qualifying years (years paid or credited as paying NI), which is currently 30 years.Qualifying yearsQualifying years are years you have paid, or are credited as paying, National Insurance. In order to qualify, one of the following must be applicable:You were/are employed, and paying NI (earning over 5,564 p/a)Youve been self-employed and paying NI contributionsYour spouse or civil partner has NI contributions that cover youYouve been paying voluntary NI contributionsIf youre not work ing, you may have been receiving NI credits if any of the following apply:You provide care for a child under 12You provide care for a sick/disabled personYou are a registered foster carerYou receive Carers allowanceIf youve been receiving benefits (unemployment, sickness etc), you may also have been receiving credits which count towards qualifying years. Its also possible to top up your payments if you have less than 30 qualifying years.For more information on your eligibility, visit gov.uk/state-pension/eligibilityHow do I claim?You should receive a letter four months before you reach SPA, instructing you on your next steps. If you dont get sent anything, you can call the State Pension claim line on 0800 7317898 to find out more.Claiming you State Pension is simple, and can be done through a variety of mediums, and can be done online, over the phone, or through your local pension centre.You will still be able to claim if youre living abroad, but services will differ from country to country.For more information, visit gov.uk/state-pension/how-to-claimDeferralAfter you reach SPA, it is possible to carry on working and still claim your State Pension. However, you can choose to defer, which may increase the amount you get (either as part of your pension, or as part of a lump sum).The amount you receive will be dependent on how long you choose to defer for, and how much you claim through your pension. Before you decide on deferring, its always advisable that you explore all available options. Get in touch with your local pension centre and theyll be able to talk you through the benefits and drawbacks before you make your decision.Additional State PensionAs well as your basic State Pension, it is possible to receive an extra amount of money, based on your NI contributions. This is known as the Additional State Pension.The amount of this payment is dependent on your earnings, and if you have claimed specific benefits. Unlike the basic State pension, there is no flat rate to this, and you dont have to do anything extra in order to claim it. You will be notified the amount of your ASP when you receive your first pension payment, and its then added to your overall amount.To find out more about your basic State Pension, visit www.gov.uk/workplacepensionsFind a job What Where Search JobsSign up for more Career AdviceSign up for moreCareer Advice Please enter a valid email addressmessage hereBy clicking Submit you agree to the

April Book Club Nice Girls Dont Get the Corner Office

April Book Club Nice Girls Dont Get the Corner Office I read Dr. Lois Frankels book, Nice Girls Dont Get the Corner Office, in 2010 thanks to a comment left on a blog post I wrote about common female prejudices at work.  With all of this Sheryl Sandberg Lean In talk lately, I thought Nice Girls was a relevant choice for this months Ms. Career Girl Book Club. Where do I begin. Is it really about equality or is it about properly leveraging our differences? If its about embracing our differences, we must understand them first.   As little girls, many of you were taught to be nice, act polite, say sorry, and speak when spoken to.  Therefore, it was learned from early childhood that success was contingent upon being nice.  Unfortunately these lessons dont usually translate into success at the office. Dr. Frankels book starts with a self-assessment win which you mark how true certain statements are for you.  Then you score your responses by category (Play, Act, Think, Market, Look, Sound, Respond) and find out your areas of strength and weakness. The next step is getting concrete suggestions for behavioral change that are proven to be effective in moving women forward in their careers.  Dr. Frankel demonstrates this by going through 101 unconscious mistakes women make that sabotage their careers in each of her 7 categories. Here are a few of my favorite mistakes. Rather than typing out all 101 mistakes, I chose to feature the mistakes that I felt were most relevant, or ones that I personally have dealt with.  While youre reading these highlights, write down which ones are most relatable to you and share them in the comments section below. Im very curious to see which ones are the most challenging among us. How You Play the Game Yes, business is a game and you can win it.  Dr. Frankel says women are born to win  this  game as she spends half of her time working with men, teaching them to be more like women. Mistake #1: Pretending It Isnt a Game Mistake #13: Failing to Capitalize on Relationships How You Act Dr. Frankel suggests that the subtle, stereotypical ways in which women behave can contribute to an overall impression of being less competent than we really are.  For me, this chapter was a slam dunk of common mistakes that we need to be reminded of. Mistake #15: Polling Before Making a Decision (GUILTY!) Mistake $16: Needing to Be Liked Mistake #17: Not Needing to be Liked (You dont have to be a bitch to be a good leader, although clearly some women have this all wrong) Mistake #19: Acting Like a Man Mistake #20: Telling the Whole Truth and Nothing but the Truth (So Help you God) This one is funny and so true. Mistake #21: Sharing Too Much Personal Information Mistake #22: Being Overly Concerned with Offending Others Mistake #23: Denying the Importance of Money Mistake #29: Being Financially Insecure How You Think Dr. Frankel says, Changing how you think about how you work is essential to changing self-defeating behavior.  It makes perfect sense.  She refers to superstitious behaviors which are beliefs (likely rooted in childhood) about what will and will not get us recognized. Apparently there are some beliefs that need to be retired in order for us to get ahead at work. Mistake #31: Making Miracles (Constantly priding yourself on doing more with less, meeting or beating impossible deadlines and getting juice out of a turnip.  Eventually you will wish you didnt set such a high and unrealistic standard for yourself) Mistake #32: Taking Full Responsibility (Its not all your fault and you dont have to do that huge impossible project alone) Mistake #35: Limiting Your Possibilities (Why do you keep talking yourself out of that promotion or new job?  You can do it girl!) Mistake #36: Ignoring the Quid Pro Quo (This one is HUGE! If youre always doing favors for someone, make sure youre getting favors back in return!) Mistake #39: Letting People Waste Your Time (GUILTY!) Mistake #40: Prematurely Abandoning Your Career Goals (Ok this one deserves its own post especially for the future Mamas out there) Mistake #42: Refusing Perks Mistake #43: Making Up Negative Stories (For example, well maybe he didnt like my presentationmaybe I didnt wear the right dressmaybe I insulted the boss..) Mistake #44: Striving for Perfection (Im pretty sure most of the guys I know dont have this problem.  They will report that what you see is what you get and they inherently believe their work is already close to perfection.  Women have the total OPPOSITE problem!) How you Brand and Market Yourself Recognizing these mistakes will help you define your brand, acknowledge the value of your brand and develop a plan for marketing your brand. Mistake #45: Failing to Define Your Brand Mistake #46:  Minimizing  Your Work or Position Mistake #48: Waiting to Be Noticed Mistake #50: Being Modest Mistake #51: Staying in Your Safety Zone Mistake #52: Giving Away Your Ideas Mistake #54: Ignoring Feedback (dont brush it off or hope it goes away. You need to know and understand this in order to effectively market yourself.  When three people say youre drunk lie down.) How You Sound This chapter is interesting and perhaps even a bit odd  Dr. Frankel suggests paying closes attention to the mistakes that feel most awkward for you. Mistake #56: Couching Statements as Questions (GUILTY!) Mistake #57: Using Preambles (In other words, stop softening your message out of fear of being perceived as too direct or aggressive.  This mistake could probably use its own post as well.  Get to the point!!!) Mistake #58: Explaining (GUILTY!)  This is what people do AFTER they make their point Mistake #59: Asking Permission (Men ask for forgiveness, women often ask for permission.) Mistake #60:  Apologizing  (Often a mistake made by career newbies- myself included!) Mistake #62: Using Qualifiers (stop  weakening  your messages with  phrases  like, we sort of did perhaps we should Maybe it would be better if) Mistake #63: Not Answering the Question (Stop laying out the pros and cons or saying what we could do and answer the damn question!) Mistake #72: Failing to Pause or Reflect Before Responding (pregnant pauses are good because they cause others to anticipate and pay attention to what youre about to say.) How You Look This is  definitely  my least favorite chapter and one that I think is too subjective to give much attention to without a full explanation.  For example, a few of Dr. Frankels mistakes include  wearing inappropriate makeup, tilting your head, grooming in public, dressing inappropriately and wearing the wrong hairstyle. Not a fan of telling people how to look a subject Id rather not ever comment on! How You Respond This chapter is about how to respond to the ways others treat you. Mistake #87: Internalizing Messages Mistake #88: Believing  Others Know More than You Mistake #90: Tolerating Inappropriate Behavior Mistake #91: Exhibiting Too Much Patience Mistake #93: Putting the Needs of Others Before Your Own Mistake #96: Accepting the Fait Accompli (a French term meaning an irreversible or predetermined decision. Dont take the bait: many things can be negotiated.  Men wont typically settle for the thats just how it is answer, so why should you?) Mistake #97: Permitting Others Mistakes to inconvenience You Ok Ladies, lets talk.  Which of these chapters do you need the most help with?  Are there any mistakes that you saw and thought, SHIT thats totally me!

Whats Coffee Got to Do with Recruiting Everything.

Whats Coffee Got to Do with Recruiting Everything. Coffee-holics unite in agreement that every day should be National Coffee Day. The great news is, for many, today is really is! The majority of businesses rely heavily on both the caffeinated and social perks of coffee. In fact, our internal research suggests 73.4 percent of employees drink coffee, making it much more popular than other caffeinated beverages. With the job market flooded with candidates constantly searching for a new career path, it’s crucial for organizations to acknowledge even the smallest workplace advantages. Here’s a look at how understanding employees’ coffee consumption trends can enhance the recruiting process: Keep up with the jitterbugs Keeping up with job seeker trends is tough, but it’s important to know what keeps them motivated, especially when it comes to the ever-important cup of coffee. Could the smell of fresh brewed coffee draw quality recruits in? Our survey showed 67.1 percent of employees report needing a coffee boost in the morning to start their day so odds are, if you brew it, they will come. It’s easy to identify which people in the office fall under this statistic. Those who need at least one cup of coffee before being greeted, those who need a strong, dark cup in their hand all day to function, and the guy who will argue to his death that his coffee place makes the only coffee worth sipping. Employees are selective when it comes to their motivation nectar, and they’ll let you know. Most employees, 20.9 percent, crave Starbucks while 12.9 percent are heading to Dunkin Donuts on their break. Discovering and retaining employees is the key to creating successful businesses, and while we can’t all be fueled by a coffee IV, the need to feed our coffee addictions grows with age. For those over 66 who are still hanging around the office, 87.9 percent can be found congregating around the coffee pot, and 70 percent of employees under 25 are drinking it up. Free coffee is good coffee Once high quality candidates are hired, organizations are constantly on the hunt for creative ways to keep employees happy and motivated. This can be done through fun engagement strategies, loosening the reigns on flexibility, and a great cup of coffee. Men and women don’t always agree on everything, but they’re in almost total accord about their love for coffee. About 34 percent of women drink two or more cups a day and 36.1 percent of men prefer the same amount. This common ground can be a handy tool in showing your employees their efforts are recognized. Gift cards to Starbucks or Dunkin Donuts can be used as simple, but appreciated thank-yous and incentives. While you’re looking for cost effective ways to say “I appreciate you,” why not show employees you value their hard work with a custom cup o’ free joe in the office. While the majority of companies are already offering complimentary drinks, you can take your coffee game to the next level. Most employees, 48.1 percent to be exact, enjoy cream, milk, sugar, or flavoring added to their brew. Keep a constant flow of employees’ favorite coffee fixings in the kitchen to show you’re a company who really knows and cares about its team. Encouraging highly productive employees who feel appreciated at your company doesn’t have to be a complicated task just keep the coffee flowing. How do you use coffee to show your appreciation to employees? Let us know! Natalie Hackbarth is the Inbound Marketing Manager of Quantum Workplace, a company dedicated to providing every organization with quality engagement tools.