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What is a pension?
What is a pension?
A pension is basically the money you need to live off once you retire. After the regular income from your employment has stopped, you need to make sure that you have enough to live off. The government is planning to push the retirement age up to 68, so we’ve all got a long time to wait! Although some of us will be luckier than others.


The Basic State Pension
Everyone who pays National Insurance Contributions (NI) is entitled to the basic state pension. The amount of money you’ll receive will depend on how many years you’ve worked. However, with increasing life expectancy, advances in medical science and a short-fall in the stock market, the value of the basic state pension will decrease dramatically by 2046. At present the maximum amount is £86.05 (BBC Source) a week so think what it could be in forty years time!

Additional savings
There have been various reports suggesting that many of us don’t save enough. It’s been stated in one BBC article that “12 million people in the UK aren’t saving enough for retirement.” The gradual demise of the final salary scheme has also contributed to the increasing need to put aside additional savings. In the future, people will simply not be getting as much money as they do today.

So, to avoid a shortfall in your income, you need to carefully consider your options. If you’re not sure what’s best, it can always be discussed with a financial adviser.

Links

Bill to raise state pension age
http://news.bbc.co.uk/1/hi/business/6147610.stm

Q & A’s - Basic State Pension
http://news.bbc.co.uk/1/hi/business/3197943.stm

The Pension Service
http://www.pensionguide.gov.uk/

Pension reform at last!
http://www.fool.co.uk/news/comment/2006/c061116d.htm?source=ioowfeml004009

Glossary of terms
http://www.pensionsadvisoryservice.org.uk/glossary/
State Pension will rise to 68
http://news.bbc.co.uk/1/hi/business/6194332.stm


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Contextual Links


In this section:
Self-Employed Pensions
Pensions- are they worth it?
What is a pension?

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