State pensions

Article Abstract:

Everyone who makes enough National Insurance contributions is entitled to a state pension but the government may make changes to how it is calculated or who receives it. The basic pension for 1998-99, is 64.70 pounds sterling per week for a single person and a wife receives an additional 38.70 pounds. People may also receive a pension from the State Earnings Related Pension Scheme (SERPS). Contributions to SERPS are not compulsory. SERPS is based on income since 1978. Employers often offer their own pension scheme and employees receive this instead of SERPS.

Pensions

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Is your pension as good as gold?

Article Abstract:

It is vital to make the correct decisions when choosing a personal pension, as this will have a direct impact on living standards in later life. Research undertaken by Which? magazine indicates that the quality of personal pensions available in the UK is generally very low, to the extent that it would be better to opt for other forms of investment. It is generally best to join an employer's pension scheme if possible, but those who have no regular income from permanent employment should look at a flexible personal pension with low charges.

Buyers Guide

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Personal pensions - the same old story

Article Abstract:

Consumer research shows that personal pension plans are over-complicated and costly. Various types of pensions exist, including unit-linked plans, unitized with-profits plans and unit/investment trust plans. Pension provider companies charge varying management fees. High management charges can signficantly impact the final fund size of a personal pension.

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