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Pensions Management

Pensions in the United Kingdom fall into three major divisions and 7 sub-divisions, including both defined-benefit and defined-contribution:

  • State Pensions
    • Basic State Pension
    • State Second Pension (S2P)
  • Occupational Pensions
    • Defined Benefit Pension
    • Defined Contribution Pension
  • Individual/Personal Pensions
    • Stakeholder Pensions
    • Group Personal Pensions
    • Self-Invested Personal Pension

Personal accounts, automatic enrollment and the minimum employer contribution will be new policies joining these from 2012. The state provides basic pension provision intended to prevent poverty in old age. Until 2010 men over the age of 65 and women over the age of 60 were entitled to claim state pension; from April 2010 the age for women is gradually being harmonised to match that for men. Longer-term, the retirement age for both men and women will rise to 68 by no later than 2046 and possibly much earlier.  

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