From the Newsletter

Things you might not know about Pensions

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The Auto Enrolment contributions are to increase on the 6th April 2019 with employers contribution raising to a minimum contribution of 3% of qualified earnings. We have found some interesting facts about Pensions..

 

 

PENSION FACTS

(as of October 2018)

  • 35% of the adult population say they don’t have a pension.

 

  • 43% of the population admit they don’t know how much they will need.

 

  • Over 55% of people estimate that up to £100,000 is enough to retire comfortably.

 

  • Only 28% of people think they are on track to meet this.

 

  • The recommended amount for a comfortable retirement is £260,000 - £445,000 depending on accommodation costs. (recommended by Royal London).

 

  • With the old state pension you receive a whopping extra 25p in your pension when you reach 80!.

 

  • The new state pension which was introduced in 2016 is a weekly payment of £164.35.

 

  • Men born after 6th April 1951 and Women born after 6th April 1953 are eligible for the new state pension.

 

  • If you were born before this date you remain on the old state pension which is £125.95.

 

  • The day your state pension is paid depends on the last 2 digits of your National Insurance Number.

 

  • In 2010 there were 3 people working for every pensioner. By 2050 it has been predicted there will be 1 pensioner to every 2 workers.

 

  • About 15 Million people in the UK have no pension savings.

 

  • As a result of the auto-enrolment scheme into workplace pensions, 6 million workers have now begun saving into their pension funds

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