If you’re working, you’re usually paying National Insurance contributions (NICs). This means you’ll be eligible for a basic State Pension. It’s a start but it may not be enough to give you the standard of living you want. So you’ll need another source of income as well.

There are other types of pension, either offered through your employer or ones you can start yourself. They are all long-term investments which you usually pay into throughout your working life. Depending on the type of pension, your employer may also pay in to it. You get tax relief on money you pay in, and your money is invested in stocks, shares and other investments to try to make it grow. When you retire, your pension fund is usually converted into pension income which is paid to you till you die. You don’t have to stop work to take a stakeholder or personal pension. You can take a pension from your employer’s occupational scheme and carry on working for that employer, as long as scheme rules allow this.

If you would like a review of your pension situation you can contact me by clicking on the contact us section.