Did you know?
- The Basic State Pension pays just £5587.40 a year.
- The average UK wage in April 2011 was £23,920 (Source: ONS).
What is it?
After you've retired you'll still need an income. A pension can provide you with that. The state pension provides some level of income, but if you're looking for more than that you might need another pension of your own. A Pension is a tax efficient investment meaning when you make a contribution you recieve tax relief at your current rate - no other investment offers this advantage.
Who is it for?
Anyone who wishes to enjoy a similar standard of living in retirement as they do now. A pension plan is one way of helping you do this, and generally, the earlier you start making contributions, the better. Even a short delay can have an impact on the amount you could receive when you retire but you should still remember that the value of your pension fund can go down as well as up and is not guaranteed.
There are many types of Pension Plans including Stakeholder, Personal, Self Invested and Group. The world of Pensions can be bewildering for many, so please let us guide you through the process.
How much should you save?
A difficult question to answer, but to help you understand what you may receive in retirement based on your monthly budget and existing Pension funds (if applicable) why not use the Money Advice Service Pension Calculator to provide an estimate.