8 Jun 2005
The basic state pension, for an individual, is currently £77.45 a week. To boost your income in retirement, you need to make your own arrangements. You may be able to join a company (or ‘occupational’) scheme (see Company pension schemes, HR 7). You may be happy to use a stakeholder pension scheme (see Stakeholder pensions, HR 33). The third alternative is to take out some other form of personal pension scheme.
Tax relief, and, in some cases, National Insurance rebates, will boost the amount you can invest in pensions. But if your scheme has high charges or performs badly, you could be left with a greatly reduced pension, so you need to do some research. Charges are coming down following the introduction of stakeholder pensions.
This briefing explains:
- Who should take out a personal pension.
- How much to pay in.
- How to choose a scheme.
- Where to go for advice.
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