How Much Is The Old Age Pension In UK?
A pension is one of the best and tax efficient ways to save for your retirement. The current state pension is upto just £84.25 per week for a single person and £134.75 per week for a married couple. Higher rate tax payers can usually claim even additional tax relief (currently upto a further 18p) using your self assessment returns. These figures are for the tax year 2006/2007. The current rules state that you can retire among the ages of 50 and 75, however according to the new rules which come into effect from 2010 the minimum retirement age will change from 50 to 55, citizens unable to work due to sickness may still be permissible to take their pension benefits before reaching the minimum pension age. If there are more than four months to your UK pension date a state pension forecast may be requested for, which tells you your expected UK pension. This is based on the past and future earnings before the pension age is reached.
