Pensions Advice Wales
04.29.10
Pensions Advice Wales – About Pensions
Pensions are, of course, designed to provide you with sufficient money to live comfortably after you have retired from work. There are many different ‘tools’ used to save for retirement and the taxationand investment elements of pensions can appear baffling. Bevington Evans and Associates Limited specialise in explaining, recommending and monitoring pensions for you. Below are the most common sources of pension to fund for your retirement:
The Basic State Pension
For people who have paid sufficient National Insurance contributions while at work or have been credited with enough contributions.
Additional State Pension
This is now the State Second Pension (S2P). Before 6 April 2002, you built up SERPS (State Earnings Related Pension Scheme) benefits. Both are available to people earning more than a given amount (£94 a week currently). Many people who are not working because they are caring for young children or an elderly relative, or because of disability or long-term illness are also able to build up State Second Pension (but not SERPS). Additional state pension is not available in respect of self-employment income.
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