How does Retirement exactly work in UK? Watch
I moved to UK 5 years ago to study and ended up staying here working.
I read something which was quite weird to me: Retirement is the same for everyone? Those £160/week?
Is this true?
Where I come from retirement is based on what you’ve earned throughout your working life. So someone who manes £30/year will get more during retirement then someone who makes £20k/year for instance.
Is there another Sum we get after retiring or is this it?
Thus that is the minimum that anyone in the UK should in theory get, as I understand - however most who have worked will have more, depending on their work and the kind(s) of pension schemes they were enrolled in. That said apparently certain political parties want to abolish the state pension so you would have no "safety net" whatsoever otherwise.
Caveat emptor - the above may not be wholly accurate as I only have the vaguest idea of pensions
£160/week is basically the maximum state pension.