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As one of the UK’s leading pension providers, you can be assured that you are in expert hands.
The State pension.
From October 2020 onwards, the State pension age will be 66 for both men and women. If you plan on retiring after 2020, bear in mind that unless you’ve saved money elsewhere (in a personal pension or other saving), you won’t have an income for retirement until you turn 66.
What will the State pension provide?
The amount of State pension you’ll get will depend on the number of years in which you’ve made National Insurance contributions.
In the 2013-14 tax year, the maximum basic weekly State pension is payable as follows:
| Single man or woman | £110.15 |
| Married couple - where one person qualifies with their NI contributions, and the other doesn’t | £176.15 |
Married couple who both qualify with their own NI contributions (this will be halved and paid individually as per ‘Single man or woman’). | £220.30 |
This is roughly £5,700 a year for a single person if they qualify. You might get more than this, if you’re eligible for an Additional State pension, but it’s possible to get much less than the amounts shown above. Find out more about the Additional State pension at direct.gov.uk.
Is the State pension enough to fund your retirement?
Think about whether the State pension would adequately cover all of your outgoings at the moment. If you think you’ll manage to pay off your mortgage by the time you retire, you may still need to pay bills, buy food, and will probably want to continue doing the things that you enjoy now. The cost of eating out now and again, taking a summer holiday, or pursuing hobbies and sporting activities shouldn't be underestimated.
Relying on the State pension as your sole source of income is tough - you might be surprised at how your lifestyle may have to change if you had to do so. You should consider making other arrangements to supplement the State income, and one of the most efficient ways of doing so is to think about a Stakeholder pension.
For full details on the State pension, visit direct.gov.uk.
STAKEHOLDER PENSIONS
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