What are the benefits of getting a pension? Which Way To Pay investigate the change in state pensions

19 August 2013 - Which Way To Pay

    



How will the change in state pension effect you?

Times have changed since the state pension was introduced in 1909. Back then, the maximum payment was five shillings a week the equivalent of about 20 today. To receive your pension you had to be at least 70 years old and have an income of less than 12 shillings a week. Now, the government has published a white paper outlining its plans for an overhaul of the state pensions system. It plans to give a universal payment of 144 a week for all those who reach their state pension age and have made 35 years of National Insurance contributions.

Should I get a separate pension?

Ensuring you plan for your retirement is essential but with the recent changes how do you know if a pension is really worthwhile? We investigate some of the benefits of obtaining a pension.

  1. Tax relief

    If you pay into a pension you usually qualify for tax relief on your contributions. Your monthly pension contributions are usually deducted from your gross wage meaning you don't pay any income tax on your money.

  2. Matched contributions

    Many employers will match your contributions to a certain level. This can double the funding of your pension and is an easy way to boost you pension fund.

  3. Annuity

    You could be given the option of purchasing an annuity to guarantee you an income throughout your retired life. Having this peace of mind is really important to your life and well being so you do not have to worry when you get older.

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