Pensions overview
1 2 3 next steps
Investing for retirement.
Background
Everyone is entitled to a state pension. From 2020 both men and women will be entitled to their state pension at the age of 65 (currently women can get it at 60), rising to the age of 68 by 2046. However, the value of the state pension relative to earnings has declined over the years so, even though retirement might seem a long way off, it's worth thinking seriously about funding your post-work life.
Other money for your retirement might come from:
- Your savings and investments. You'll be able to use money earned from whatever you've put by - for example, in an ISA account.
- Your employer. Most large companies have pension schemes. You pay a certain amount from your salary into the scheme (with tax relief), and the good news is, your company will usually contribute on top of what you put in. If you leave the company, you can continue the scheme, leave it on hold, or sometimes transfer it to a private scheme
- A private pension scheme. Irrespective of where and when you work, a private scheme is your own private retirement nest egg. It's portable between jobs, and usually flexible.
1 2 3 next steps
