Why do I need a pension?

Your pension allows you to save for your future and provides you with an income when you come to the end of your working life. The Government is keen for people to save in this way, rather than rely on the State, so there are tax incentives to encourage both you and your employer to provide for your retirement.

The State currently provides the basic State Retirement Pension and a top-up pension, S2P (State Second Pension). Employers may provide an occupational pension. Individuals may be able to buy a personal pension or a stakeholder pension from a pension provider such as an insurance company.

Why think about it now?

Retirement might seem like a lifetime away but just take a moment to stop and think about how your life and your finances will change when you retire. Have you thought how you will pay the bills? What about those little luxuries you promised yourself for your retirement? Do not forget that retirement may last for a very long time. That is where your pension comes in. The sooner you start thinking about your retirement, the better prepared you will be.

What’s more, the Government has made available several incentives to encourage people to save for their retirement.

So we would like you, as a new employee, to take the time to explore your pension options.

We give all new employees a choice of pension. What you need to do is decide within three months of starting your job which one you want.

The State pension on its own is not likely to give you the retirement income you want.