Is Pension Best Option Uk

Is pension best option uk

Is pension best option uk

You can pay into as many pension schemes as you want. It depends on how much money you can set aside.

You usually get tax relief up to certain limits on money you pay into a pension scheme.

Private pension schemes

PensionWhat it is
Workplace pensionsArranged by your employer.

Usually both you and your employer pay into it.

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What you get depends on the type of scheme your employer offers.

Personal and stakeholder pensionsA private pension that you pay into. Employers can also pay into them as a workplace pension scheme.

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What you get depends on how much is paid in and how well the investment does.

State Pension from the government

If you reached State Pension age before 6 April 2016

PensionWhat it is
Basic State PensionThe basic State Pension is a regular payment you can get from the government when you reach State Pension age.

The amount you get depends on your National Insurance contributions and credits.

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The maximum you get is £129.20 per week.

Additional State PensionAn extra amount on top of your State Pension. Not a fixed amount.

Is pension best option uk

How much you get depends on your earnings and whether you claim certain benefits.

Pension CreditFor people on a low income. Tops up your weekly income to £167.25 (single people) or £255.25 (couples).

Is pension best option uk

You may get more if you’re a carer or severely disabled or if you have certain housing costs.

If you reach State Pension age on or after 6 April 2016

PensionWhat it is
New State PensionThe new State Pension is a regular payment you can get from the government if you reach State Pension age on or after 6 April 2016. The amount you get depends on your National Insurance contributions and credits.

Private pension schemes

The full new State Pension is £168.60 per week.

Protected paymentAny amount over the full new State Pension (£168.60) that you get from your National Insurance contributions or credits from before 6 April 2016 is protected.

It will be paid on top of the full new State Pension.

Pension CreditFor people on a low income.

Pensions UK explained - Pension Basics

Tops up your weekly income to £167.25 (single people) or £255.25 (couples). You may get more if you’re a carer or severely disabled or if you have certain housing costs.

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