Your pension options

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 £156.20 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 £201.05 (single people) or £306.85 (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 £203.85 per week.
Protected payment Any amount over the full new State Pension (£203.85) 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 £201.05 (single people) or £306.85 (couples). You may get more if you’re a carer, are severely disabled, have responsibility for a child, or have certain housing costs.
  1. Step 1 Check when you can retire

  2. and Check how much pension you could get

  3. 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
  4. Step 3 Check what other financial support you could get

  5. Step 4 Decide when to retire