1. Overview

A pension is a way to save money and will give you an income later in your life.

You can get a pension from schemes you pay into and from the government.

Some pension schemes let you take a lump sum.

Check how much money you’ll need when you retire

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

The maximum basic State Pension you can get at the moment is £113.10 per week for a single person. You may also get Additional State Pension.

You’ll claim the new State Pension if you reach State Pension age on or after 6 April 2016.

Get a State Pension Statement to find out how much you may get.

How much a pension could be worth

Use the Money Advice Service’s pension calculator.

It shows you:

  • what you can expect to get from a pension, whatever age you start paying into one
  • what would happen to the value of your pension if you delay for 1, 2 or 5 years