A pension is money you’ll use to live on when you retire. Most people get a state pension from the government which covers your basic needs. But it’s also a good idea to try and save some extra money in a pension fund, to give you a decent standard of living.
A workplace pension scheme is a way of saving for your retirement through contributions deducted directly from your wages automatically every payday. Some workplace pensions are called ‘occupational’ , ‘works’, ‘company’ or ‘work-based’ pensions.
Your employer may also make contributions to your pension through the scheme. If you are eligible for automatic enrolment, your employer has to make contributions into the scheme.
You may also get tax relief from the government.
The State Pension is a regular payment from the government most people can claim when they reach State Pension age. Your State Pension age depends on when you were born. You can find out your State Pension age by using the calculator on the GOV.UK website.
You’re eligible for the basic State Pension if you were born before:
- 6 April 1951 if you’re a man
- 6 April 1953 if you’re a woman
If you were born on or after these dates you must claim the new State Pension.
For further information you can talk to the Advice Service in confidence. We are impartial and here to advise in your best interests. To book a telephone appointment with a professional adviser please email email@example.com, telephone Student Support on 01522 837080 or visit the Information Hub on the ground floor of the Atrium in the Minerva Building.