Career Guide

Remember that investments such as pensions, can go down as well as up!

Don't postpone starting a pension - it's best to begin saving for retirement as soon as you can because it takes a long time to build up your savings in a pension fund. So the earlier you start, the better.

Most people are entitled to the State Pension when they retire. But remember that this is a basic amount of money which may not be sufficient to let you live the kind of life you want in your retirement. Most people need extra pensions on top of the State Pension.

Your employer may have a pension scheme that you can join (or you may already belong to it). It's always a good idea to talk with your employer regularly about your pension scheme so you can estimate how much it will provide when you retire.


 
 Getting help and advice

Understanding pensions isn't easy because the rules and laws about pensions are complex and often change. But the more you know about pensions, the easier it is to plan for your future. So, try to take time to read basic information about pensions.
 
  
 DirectGov
  
A good place to start is the DirectGov website where you'll find lots of information about the State Pension schemes as well as other types of pensions too.
 
   
The Department for Work and Pensions (DWP)
 
This is the government department which is responsible for pensions.  
  
The  DWP's website has lots of useful information on all aspects of pensions.
  
 
 The Pension Service
 
 Part of the DWP, The Pension Service provides information to those planning for retirement as well as those who have already retired.
 
  
 The Financial Services Authority (FSA)
 
 The FSA is the country's financial watchdog. It regulates firms that provide financial services and aims to protect consumers who buy financial products.

The FSA has a consumer website ( MONEYmadeclear ) which is packed with useful and helpful information.
 
  
 Financial Advisers
 
 Financial advisers can be helpful in reviewing your financial circumstances, and planning for the future.
 
Advisers make their living by charging a fee for their services, or by receiving commission on the financial products that they sell to you (or sometimes a combination of both).

Before seeing an adviser, check that they are on the FSA's register - that way, if anything goes wrong, you will have some protection.

The FSA website has more information about how to get financial advice and what precautions you should take before handing any of your money over to advisers.
 
 
 
 Retirement age
  
 The first step in planning your retirement is to know just when you'll be able to retire.
 
 The State Pension retirement age is currently 65 for men, and 60 for women born on or before 5 April 1950.

For women born after 5 April 1950, the state retirement age will increase from 60 to 65 between 2010 and 2020.
  
The State Pension retirement will also be increased to 68 (for both men and women) in stages between 2024 and 2046.
 
The Pension Service has a handy pension age calculator which you can use to find out when you'll be able to get your State Pension.
 
As far as your employment goes, you don't need to retire when you reach the state retirement age. You can continue working if your employer agrees, but you may retire when you reach the 'normal retirement age' for your job. Make sure you know when this will be - ask your employer if you don't know.
  
  
 
 Pension planning
  
When you're planning for retirement and thinking about your pension, it's a good idea to have in mind what you might get from the state. It isn't a great deal!
  
The current basic state pension (2007-2008) is £87.30 for a single person, and £139.60 for a couple. But the amount you get depends on your personal circumstances, for example how much National Insurance Contributions you have made during your working life.

You may also be entitled to the additional State Pension or Second State Pension (until 2002 the additional State Pension was called the 'State Earnings Related Pension Scheme- or SERPS, from 2002 it has been called the State Second Pension).
 
 
   
 What to do in retirement ...
  
 Retiring from your main full-time job doesn't mean that you have to give up work altogether. Even when you're 'retired' you can still do part-time work.
 
You can also think about

     - doing voluntary work
     - taking some courses
     - starting a new hobby or interest.
 
 There are more details about opportunities in retirement at the Directgov website.
 
  
 
 Retiring overseas

Many people move abroad when they retire. If you're considering this option, make sure you get lots of good advice before you make the move.

A good place start is at the Directgov website.
 
 

Retirement

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It's never too early to start planning for your retirement - especially if you are considering starting a pension.

Below you'll find information about planning for retirement, and what you can do once you've finally retired.

Retirement planning

There are 2 main things to consider when planning your retirement:

- ensuring you have enough money to live on when you retire, and
 
- planning your life during retirement: what you'll do with your time, where you'll live and how you'll adjust to giving up full time work.

You need to regularly review how much you are saving each year while you're still working. This means thinking about how much your pensions are currently worth, and whether you need to (and can afford to) save more.

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