Transferring your pension

Much will depend upon your individual circumstances and objectives

Pension transfers can be complicated and you should always seek professional financial advice before going ahead. If you’re thinking about transferring your pension(s) into a new personal pension plan or Self-Invested Personal Pension (SIPP), remember; whether a transfer is suitable or not will very much depend upon your individual circumstances and objectives.
Continue reading “Transferring your pension”

Extra State Pension

Putting off your claim for at least five weeks

By choosing to put off claiming your State Pension you can receive an extra State Pension. You must put off your claim for at least five weeks. For every five weeks you put off claiming you can earn an increase to your State Pension of one per cent. Extra State Pension is paid on top of your normal weekly State Pension. It continues for as long as you are getting State Pension. Extra State Pension is increased each April in line with increases to your State Pension.
Continue reading “Extra State Pension”

Changes to the State Pension age

A gradual increase over two years every decade

State Pension age is the earliest age at which you can claim your State Pension. It is currently 65 for men and 60 for women. However, the State Pension age is changing and will increase between 2010 and 2046.

Currently, the State Pension age is 65 for men born before 6 April 1959. For women born on or before 5 April 1950, State Pension age is 60.
Continue reading “Changes to the State Pension age”

The additional State Pension

Important changes on the horizon

The additional State Pension, or State Second Pension, is paid in addition to the basic State Pension. Your entitlement to the additional State Pension (whether from SERPS – State Earnings-Related Pension Scheme, or from the State Second Pension) is calculated when you claim the basic State Pension.
Continue reading “The additional State Pension”

The basic State Pension

Building up enough ‘qualifying years’

The basic State Pension is a government-administered pension. It is based on the number of qualifying years gained through National Insurance Contributions (NICs) you’ve paid, are treated as having paid or have been credited with throughout your working life.

– If entitled, you can receive the basic State Pension when you reach State Pension age. This is 65 for men born on or before 5 April 1959 and 60 for women born on or before
Continue reading “The basic State Pension”

Pension rules post A-Day

How the landscape for retirement planning has changed

The government introduced new pension rules, known as ‘pension simplification’, that became effective from 6 April 2006 (A-Day). This completely changed the pension landscape by creating a single universal regime that replaced the previous eight tax regimes.
Continue reading “Pension rules post A-Day”