Looking ahead and planning for the future

Planning for your retirement may not be a priority for you at the moment. But, as you get older you will have a number of options that will affect your finances. So starting to plan now may make a big difference in the future and help to give you the income you want when you retire.

The State Pension

The State Pension is made up of 2 parts - the basic State Pension and additional State Pension (which is also known as the State Second Pension).

Finding out how much State Pension you'll be entitled to is a good way to start your financial planning. For more information visit www.thepensionservice.gov.uk.

Home Responsibilities Protection

If you are a carer or parent, the Home Responsibilities Protection scheme may be able to protect your basic State Pension.

Adding to your State Pension

If you are starting work, ask your employer if they have a pension scheme and whether or not you can join it. This can be a good way of providing extra income for your retirement. If your employer does not provide a pension scheme, or it is not in your best interests to join it, other options to think about are stakeholder pensions or personal pensions. You can have a stakeholder pension or personal pension even if you are not working at the moment. For more detailed information about pensions, visit www.thepensionservice.gov.uk or call The Pension Service on 0845 60 60 265 (textphone: 0845 60 60 285).