| The first thing to remember is that if you are | | | | contribution too, helping to build you a greater pot |
| working and paying National Insurance, then you will | | | | for your retirement. |
| be eligible for a basic state pension. | | | | The money that you pay into your pension will not |
| However, a basic state pension is often not enough | | | | be taxed, but instead it is put into in stocks, shares |
| to give you the standard of living that you want. | | | | and other investments, which enables the pot to |
| The stats for 09/10 state that if you are a single | | | | grow. |
| person then you can expect to receive £95.25 a | | | | When you decide to retire, your pension fund will be |
| week, which equates to £4,572 a year. A couple | | | | converted into an income that you will receive until |
| will receive £152.30 a week or £7,310.04 a year - | | | | the day that you die. |
| so is that enough? | | | | It is worth knowing that you don't have to stop |
| Although a basic state pension will give you a solid | | | | working to start receiving from your stakeholder or |
| foundation it is also worth considering another source | | | | personal pension. In some cases you can even |
| of income for when you finish working. | | | | continue working for your employer whilst taking |
| There are other types of pension that you can have | | | | your pension. |
| running alongside your basic state pension and given | | | | What is important to consider is that you could be |
| that the government aren't being overly generous, it | | | | retired for as long as 30 years. With this in mind, |
| is definitely something to consider. | | | | you need to make sure that you are provided for as |
| Your employer might offer a pension scheme or if | | | | your pension will become your income. |
| this is not an option, then you can start your own. | | | | The longer that you have a scheme for, the better |
| A pension is a long term investment that you pay | | | | off you will be, although you cannot take money |
| into up until the time that you retire. If you have a | | | | from your pension until you are 55. Knowing the |
| company pension, then your employer will make a | | | | basics will help you to save for a better future. |