Pensions
The basic state pension is paid to women at 60 and men at 65 who have
fulfilled the National Insurance contribution requirements, although in
the coming years a woman’s pension age is going to be raised to
65. Pensions can be a complicated and confusing area and it is highly
recommended that you seek professional advice if you are thinking of making
additional contributions. Essentially private pensions can be divided
into two groups;
• Personal pension - increasingly being replaced by stakeholder
pensions, personal pensions are characterised by set contributions.
• Stake holder pension - most employers offer this type of pension
and many banks are now offering them.
For more information the BBC news business section provides some valuable
advice and explanations of key aspects the financial framework of pensions
and contributions. The Guardian Money pages also provide extensive information
including a pension calculator; Reading up on such information before
you go looking for your pension will certainly give you a degree of confidence
when deciding your pension plans. The FSA has also produced a number of
factsheets and booklets designed to make understanding pensions easier.
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Finance
