The UK Government can help you plan your retirement income.
Over one million people in Scotland are now benefiting from a workplace pension. Saving into a workplace pension is easy – you don’t have to do anything. Once you’re enrolled by your employer, not only will you pay into the scheme, but so will your boss and you may also get tax relief.
Millions of workers across the UK are being automatically enrolled into a workplace pension by their employer. Workplace pensions are different to the State Pension. Saving into a workplace pension is easy – you don’t have to do anything. Once you’re enrolled by your employer, not only will you pay into the scheme, but so will your boss and you may also get tax relief from the UK Government.
Pensions can take many forms and you may have previously been invited to join a defined contribution or personal pension by your employer. Find out more about the different types of pension. Your employer will need to enrol you into a workplace pension scheme if you:
You can opt out if you want to, but that means losing out on employer and government contributions – and if you stay in, you’ll have your own pension that you receive when you retire.
The video below provides more information on automatic enrolment in workplace pensions:
Your State Pension is based on your own National Insurance record, so the amount everyone gets can be different. The full rate of the new State Pension is currently £164.35 a week , just over £8,500 a year – but yours may be either more or less than this. You can claim your State Pension once you reach your State Pension age.
The best way to find out how much you could get is to use the Check your State Pension service to get a personalised forecast.
Think about how much income you’d like when you retire, and the best ways to build up your pension. Workplace Pensions can be a great way of increasing your income, as when you pay in, your boss does too. In most cases so does the government, so your pension (in most circumstances) should keep growing.
Pension Wise is a UK Government service that offers free and impartial guidance about options for your defined contribution pensions.
The service can help if you:
Find out more about your pension type, options and book your appointment online or by phone:
Find out more about UK Government support at work.
Find out more about UK Government support at home.