Unless employees have changed their personal retirement date, it will almost certainly be age 65 — the normal retirement date (NRD) of modern pension schemes. With a personal pension, like The People’s Pension, you can normally start taking money out of your pension pot from the age of 55 if you want to (the government proposes to increase this to age 57 from 2028). Schemes vary so ask your fund or employer about how your pension is affected if you change your work arrangements or continue working beyond State Pension age. The State Pension age is the earliest age you can claim your State Pension. STATE PENSION age is the age which needs to be reached to start getting the state pension, however there's no longer any set retirement age. But if you’re younger, as long as you’re earning £6,240 or more (in tax year 2020-21), you can still opt in and benefit from extra money from your employer. So, from October 2020, lifestyling will be out of step with the higher state pension age of 66, which we should now assume will be the age at which most people will stop working. Please note that COVID-19 may still be affecting the opening hours and response times of our customer service teams but we’re doing all we can to keep service levels high and to prioritise our most vulnerable customers. A pension plan can help you save and invest money over the long-term to help fund your life in retirement. • The maximum state pension … It comes with some additional perks, including the fact that you are no longer obliged to pay National Insurance. A workplace pension scheme is a way of saving for your retirement through contributions deducted direct from your wages. In some circumstances you can take your pension early. You may find that your scheme reduces your benefits if you take them early. As the money in your pension plan is invested, there’s a more to think about compared to regular savings accounts. The basic state pension, then known as the "Old Age Pension" was introduced in the United Kingdom (which included all of Ireland at that time) in January 1909. It means that employers must automatically enrol certain staff into a company pension scheme. For women in the most deprived areas, it is projected to decrease from 52.4 years in 2012 to 50.9 years in 2030. Although you can retire at any age, you can only claim your State Pension when you reach State Pension age. Work out your State Pension age and State Pension income amount; Choose your retirement age; Calculate the target income you'd like in retirement; Tell us about your pension pots, current contributions and any other sources of income; Let us forecast your likely retirement income; We'll identify any retirement shortfall and suggest ways to improve this. With your personal and workplace pensions, the age you can access this depends on the scheme, but is usually from 55. The Government introduced auto-enrolment as a way of helping employees save for retirement. If you believe this is the case you should contact your pension administrator/provider. Some keep working because they need the money, others because they enjoy their role and don’t want to stop abruptly. Benefits of working beyond the state pension age. > Pensions and retirement > Workplace pensions; Automatic enrolment if you’re 21 or under . You normally have to wait until you’re at least 55 before you can start getting your pension. Former Pensions Minister Steve Webb is This Is Money's Agony Uncle. This pension calculator will show you how much your pension might grow by, based on how much you (and your employer) contribute until you reach retirement age. 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