Retirement and pensions

The pension and annuity rules are changing. The need to plan for the future has not.

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  • Pension changes

    Changes over the last 10 years have radically changed the pension rules and savings potential.
  • Stakeholder pensions

    Stakeholder pension schemes are low-cost pensions meant for people without existing private pension arrangements. They were originally targeted at people who earn more than £10,000 a year and who cannot join an occupational pension scheme. They have, however, turned out to have much broader appeal.
  • Pension contributions and tax relief

    There are limits on how much can be invested in a pension scheme before a tax charge is payable.
  • Qualifying for a state pension

    The Government has changed the age rules for qualification for the state pension. The state pension age was equalised at 65 for both men and women in 2018. From 2019, the state pension age will increase for both men and women to reach 66 by October 2020. The Government is planning further state pension age increases from 66 to 67 between 2026 and 2028. The state pension age would therefore increase to 68 between 2037 and 2039.
  • State pension deferral

    State pension deferral is the right to defer entitlement to the state pension. In return for deferring for a period of at least nine weeks, the resulting pension increases by 1% for every nine weeks’ deferral, an approximate annual rate of 5.8%.
  • Pension credit

    Details of pension credits for the current year.