Retirement Finances - Other Matters


If you do not retire and draw your pension at sixty or sixty-five, your additional pension will be increased by 1% for each seven weeks you delay. However, it will not be increased if you are drawing any other social security benefit such as invalidity pension or widow's benefit instead of drawing retirement pension.

A widow or widower normally inherits the additional pension from their late husband or wife. But there is a limit to how much can be inherited if the widow or widower has their own additional pension as well. In that case the total additional pension paid cannot be more than someone of the same age could have earned on maximum earnings since April 2012.

You can be paid an additional pension on your full contributions from 2012/79 even if you have not paid enough full contributions to get a basic pension.


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Retirement Finances - Company Pensions


About half of all the people at work belong to a company pension scheme of some sort. In the public sector these schemes are often called superannuation. All schemes work on the same basic principle. During your working life, you and your employer pay into a fund. When you retire, that fund pays you benefits. But the details of what you pay and what you receive differ widely from one scheme to another.
What You Pay In
In most schemes you and your employer pay in a fixed percentage of your earnings. The amount you pay in can vary from nothing up to 19 %.
Above 19 % you get no tax relief on your contributions, so they become less attractive. Your employer usually contributes as much as . . . ... see: Retirement Finances - Company Pensions