Pensions are a way to save for retirement, with some tax advantages. When you retire, or reach a certain age, a pension scheme pays you a regular income for life.

 

There are three main types of pension schemes: a State Pension, a personal pension and a company (occupational) pension.

The Basic State Pension: The basic State Pension is a government-administered pension. It is based on the number of qualifying years gained through National Insurance contributions (NICs) you've paid, are treated as having paid or have been credited with throughout your working life. 

The Personal Pension: Personal pensions are available from banks, building societies and life insurance companies, who invest your savings on your behalf. Personal pensions may be a good choice for you if you're employed and not in a company pension scheme, or as an addition to a company pension. You may also want to set up a personal pension if you are self-employed, or if you are not working but can afford to put aside money for retirement. 

The Company (Occupational) Pension: A company (occupational) pension is set up by employers for their employees. In most cases, your employer will make contributions to the scheme on your behalf and require that you make regular payments from your salary.

For more information on pensions, visit the websites below: 

If you are aged 60 or over and you are on a low income, you may be entitled to Pension Credit, which gives you extra money to live on each week. 

 

 

Monday - Friday 8am - 8pm

Saturday 9am - 1pm