How does Retirement exactly work in UK? Watch

EBastos
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#1
Report Thread starter 11 months ago
#1
Hey everyone

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?

Thanks
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artful_lounger
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The state pension is I think the same, however (I believe) your employer by law is required to enroll you in a pension plan (although you may be able to opt out, if you wish, for example to enroll in a private pension plan). There are a wide range of different pension plans with different formats in how you and/or your employer contribute. A lot of them aren't great (such as my employer's ones) but some are known to be very good (such as the NHS and civil service). Armed services members also have a pension which is separate from state and other pensions (although apparently it is now quite poor).

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
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Quady
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(Original post by artful_lounger)
The state pension is I think the same,
Yeah this ain't true. It's dependent on the number of years national insurance contributions made and any years where contributions were made but you were contracted out.

£160/week is basically the maximum state pension.
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Quady
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(Original post by artful_lounger)
That said apparently certain political parties want to abolish the state pension so you would have no "safety net" whatsoever otherwise.
Which political parties....?
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