9 Pension Mistakes Explained

What are some common mistakes that people make with their pensions and why is it important?

Getting your pensions and retirement savings in order is key to making sure you get the most out of your retirement years.

But increasingly complex pension rules can leave some savers feeling bewildered. Not to mention that pensions have changed a lot over the years; the rules they have, the tax breaks you get, how and when you can get your money out, and much more.

It’s hard to be sure if what you know is still correct – here we try to help by considering some of the biggest myths – and what you need to know.

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Relying on the state to provide for me

If you retire today in the UK you will receive the New State Pension, which currently pays £185.15 per week at the full amount, which works out at around £9,628 per year (for the 2022/23 tax year). This amount is unlikely to be able to provide much more than an extremely modest standard of living for a single person in the UK. And this is assuming you will receive the full amount of the New State Pension. Whether you will receive the full amount depends on your employment history, and you might find you only qualify for a reduced amount. It is a good idea to check your state pension entitlement with the Government’s