Even if you qualify for the full UK State Pension, you will probably want your own pension to provide you with additional income when you stop working.

For the 2020/2021 tax year the New State Pension for a single person is £175.20 a week. However, some people could get more some could get less. The amount you will actually receive is dependent on your National Insurance record. You need 35 qualifying years to get the full New State Pension and 10 years to get any at all. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK also have an impact on tax treatment.

You may also be entitled to Pension Credit. The rules for this are complex - you can find out more at gov.uk.

Compare the State pension to your current income and what you'd like it to be in the future. Having your own pension can help cover the shortfall. At Standard Life we help you set up a level of contributions to your pension plan adapted to the level of pension you are aiming for when you retire. As with any investment the value of your fund can go down as well as up and you may get back less than you paid in.

You can use our pension calculator to indicate how much you should save in your pension plan every month.

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