O'Reilly logo

The Daily Telegraph Tax Guide 2014 by David Genders

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

09

State and private pensions

I don’t doubt that when you give up work and retire you will want to be able to maintain your lifestyle and living standards. You may have built up savings while you were working but your income in retirement is most likely to come from:

  • the State Pension; and
  • an employer or personal pension scheme.

So that you can give yourself the best possible opportunity to build up a good pension you should start contributing to a plan as soon as you can reasonably afford to do so.

State pension

There are three parts to the State Retirement Pension:

  • the basic retirement (or old person’s) pension;
  • a state-earnings-related pension (SERPS/S2P); and
  • a graduated pension.

(a) Basic state pension

You are entitled to a basic pension ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required