Preparing for retirement
Your income in retirement is likely to come from a state pension, any other pensions you’ve paid into as well as any savings and investments.
To find out how much state pension you might get, order a state pension statement from Gov.uk or phone 0345 3000 168. Check your recent workplace and personal pension statements to see how much you could be on track to receive from them.
It’s a good idea to draw up a budget as if you had already reached retirement. This will help you work out how much you’ll need to live on.
Generally, yes. By 2018 all employers will have to automatically enrol most of their employees into a pension and pay into it on your behalf. You can opt out if you want to, but you’ll be losing out on your employer’s contributions, which is like turning down a pay rise.
You’ll only be affected if you retire on or after 6 April 2016.
If you are affected you won’t lose any state pension entitlement you’ve built up under the current rules, but you could end up with less than you had expected if the current system had continued. Some people, however, will be better off.