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 What it is Workplace pensions Arranged by your employer. Usually both you and your employer pay into it. What you get depends on the type of scheme your employer offers. Personal and stakeholder pensions A private pension that you pay into. Employers can also pay into them as a workplace pension scheme. 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 What it is Basic State Pension The 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. The maximum you get is £169.50 per week. Additional State Pension An extra amount on top of your State Pension. Not a fixed amount. How much you get depends on your earnings and whether you claim certain benefits. Pension Credit For people on a low income. Tops up your weekly income to £218.15 (single people) or £332.95 (couples). You may get more if you’re a carer, are severely disabled, have responsibility for a child, or have certain housing costs. If you reach State Pension age on or after 6 April 2016 What it is New State Pension The 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. The full new State Pension is £221.20 per week. Protected payment Any amount over the full new State Pension (£221.20) 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 Credit For people on a low income. Tops up your weekly income to £218.15 (single people) or £332.95 (couples). You may get more if you’re a carer, are severely disabled, have responsibility for a child, or have certain housing costs.

Private pension schemes

Workplace pensions and personal or stakeholder pensions are a way of making sure you have money on top of your State Pension. For most workplace and personal pensions, how much you get depends on: the amount you’ve paid in how well the pension fund’s investments have done your age - and sometimes your health - when you start taking your pension pot Workplace pensions Your employer must automatically enrol you in a workplace pension scheme if you’re over 22 and under State Pension age, and earn more than £10,000 a year. If you have a workplace pension your employer can make contributions on top of what you pay. You may also be able to make extra payments to boost your pension pot. Workplace pensions are protected against risks . Personal and stakeholder pensions You may want a personal or stakeholder pension : to save extra money for later in life to top up your workplace pension if you’re self-employed and do not have a workplace pension if you’re not working but can afford to pay into a pension scheme Some employers offer stakeholder or private pensions as workplace pensions. Stakeholder pensions must meet standards set by the government. Find a lost pension The Pension Tracing Service might be able to trace lost pensions that you’ve paid into. Nominate someone to get your pension when you die Ask your pension provider if you can nominate someone to get money from your pension pot after you die. Check your scheme’s rules about: who you can nominate - some payments can only go to a dependant, for example your husband, wife, civil partner or child under 23 what the person can get, for example regular payments or lump sums whether anything can change what the person gets, for example when and how you start taking your pension pot, or the age you die Sometimes the pension provider can pay the money to someone else, for example if the person you nominated cannot be found or has died. The person you nominate may have to pay tax if they get money from your pension pot after you die.

Pensions from the government

The pension you get from the government (‘State Pension’) is based on your National Insurance record when you reach State Pension age . You reached State Pension age before 6 April 2016 You need 30 years’ worth of National Insurance contributions to get the full basic State Pension . You may also qualify for some Additional State Pension . You reach State Pension age on or after 6 April 2016 The amount of new State Pension you’ll get depends on your National Insurance record. National Insurance contributions or credits made before and after 6 April 2016 can count towards your new State Pension. You’ll usually need at least 10 qualifying years of National Insurance contributions or credits to qualify for any State Pension. Find out how much State Pension you could get and when you can get it. You can also find out how you might be able to increase the amount you get. Getting more State Pension Deferring your pension When you reach State Pension age you have the option to defer your State Pension (delay payments). By doing this you’ll get more money for every year you defer. Pension Credit Pension Credit is for older people on a low income to make sure they get a minimum weekly amount. You’ll have to apply and all your sources of income (for example savings) will be checked to make sure you qualify. Getting Pension Credit may mean you’re eligible for other benefits too. You’re over 80 People over 80 with little or no State Pension can apply for a payment of £101.55 per week from the government through the over 80 Pension . You cannot get the over 80 pension if you reach State Pension age on or after 6 April 2016.

Working past State Pension age

You might decide that you do not want to stop working when you reach State Pension age. If you do, you’ll no longer have to pay National Insurance . The law protects you against discrimination if you’re over State Pension age and want to stay in your job or get a new one. Staying in your job There is no official retirement age and you usually have the right to work as long as you want to. There are some circumstances when employers may have the right to set a compulsory retirement age that they choose. Your employer cannot make you redundant because of your age. Getting a new job You do not have to give your date of birth when applying for a new job. Employers cannot make you give this information if you do not want to. Employers also can not set an age limit for a job, unless they can justify it (for example because of certain physical abilities) or it’s a limit set by law, for example for the fire service. You can request flexible working at any age.

When planning your pension and retirement income you might need help with: choosing a personal or stakeholder pension planning your savings choosing how you want to get your retirement income delaying your State Pension payments (deferring) Where to get help You can get free guidance on your retirement savings options from MoneyHelper . Pension Wise has information to help you decide what to do with your money if it’s in a ‘defined contribution’ pension . If you’re over 50, you can book an appointment to speak to someone. Paying for financial advice You can find a financial adviser: on the Unbiased website from the Personal Finance Society If you’re paying into a pension scheme, you can ask your pension provider about taking out up to £500 to pay for financial advice on retirement. You can do this once a year up to 3 times without a tax charge. Not all pension schemes provide this.

Plan your retirement income

Overview

A pension is a way to save money for later in your life.

You may be able to get:

a pension from the government (‘State Pension’)
money from pension schemes you or your employer pay into

You might need more money than just the State Pension when you retire.

Find out how much State Pension you could get (your forecast) and when you can get it.

Use MoneyHelper’s pension calculator to get an estimate of your income when you retire and the ways you can increase it.

View a printable version of the whole guide

Step 1 Check when you can retire
and Check how much pension you could get
1. Find out how much State Pension you could get (your forecast)
You may also be paying into a:
- workplace pension
- personal pension
1. Find out if you’ll pay tax on your pension
2. Find contact details for a lost pension
Step 2 Increase your pension
You might be able to increase the amount you get if you delay your pension.
1. Find out about delaying your pension
You might be able to pay voluntary contributions to fill in gaps in your National Insurance record (such as, from when you were not working or claiming benefits).
1. Check if you can pay voluntary National Insurance contributions
For advice about increasing your workplace or private pension, speak to a financial adviser.
1. Find a financial adviser through Unbiased
Step 3 Check what other financial support you could get
Check what financial help you could get if you:
You can also get free bus travel if you:
- apply for a bus pass
Step 4 Decide when to retire
1. Get advice on planning your pension and deciding when to retire

Plan your retirement income

Overview

Step 1 Check when you can retire

and Check how much pension you could get

Step 2 Increase your pension

Step 3 Check what other financial support you could get

Step 4 Decide when to retire

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Plan your retirement income

Overview

Part of Plan your retirement income: step by step

Step 1: Check when you can retire

and Check how much pension you could get

Step 2: Increase your pension

Step 3: Check what other financial support you could get

Step 4: Decide when to retire

Is this page useful?

Help us improve GOV.UK

Help us improve GOV.UK

Step 1 Check when you can retire

Step 2 Increase your pension

Step 3 Check what other financial support you could get

Step 4 Decide when to retire