For once the UK system looks ok in the world; our ’forced savings’ of ‘national insurance’ paid as a tax style deduction on wages can’t be touched till state retirement age, so you’ll get it when you retire and it’s paid monthly not a block.
It used to be set at 65, now it’s on a rising rate for people retiring in the next years. I’m in a group that will need to be 67. It’ll be really basic, and a private pension is expected in addition if you want to have a nice retirement rather than just managing.
Better then, for us to get an employer contribution, at least a visible one as they pay tax on employment as well, you go to a private scheme in addition to the state one, but then that’s where some people may not have that, and be reliant on state only.
For once the UK system looks ok in the world; our ’forced savings’ of ‘national insurance’ paid as a tax style deduction on wages can’t be touched till state retirement age, so you’ll get it when you retire and it’s paid monthly not a block. It used to be set at 65, now it’s on a rising rate for people retiring in the next years. I’m in a group that will need to be 67. It’ll be really basic, and a private pension is expected in addition if you want to have a nice retirement rather than just managing.
Think of super as the same, but you employer matches your forced contributions and, up to a limit, voluntary ones.
Better then, for us to get an employer contribution, at least a visible one as they pay tax on employment as well, you go to a private scheme in addition to the state one, but then that’s where some people may not have that, and be reliant on state only.