01900820160 fosterd@jeffriesinvestments.co.uk

The State Pension

The state pension is one potential source of income in retirement. To qualify for a state pension you need to have made national insurance contributions, and the amount that you receive will depend on how many qualifying years of national insurance contributions you have made.

However, there is no right to a state pension - and there is no contract, so a future Government could decide to stop the pension or change the rules (although doing so would be unpopular and, therefore, is highly unlikely).

This makes planning difficult as assumptions have to be made about what sort of state pension there might be when you retire. We think it best practice to assume that the state package (however put together) will probably provide a pension set around the level at which significant social security benefits would kick in.

Our reasoning is as follows – generous pensions are expensive and probably not affordable by the Government, but nor do people like to think of pensioners living in poverty. This means that both very high, and very low, pensions will probably always be politically unacceptable, and will, therefore, not happen.

Jeffries Independent Financial Advisers is a trading style of C H Jeffries (Pensions & Financial Planning) Ltd which is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 116127 http://www.fca.org.uk/register.

C H Jeffries (Pensions & Financial Planning) Ltd Registered Address: Fairview House, Victoria Place, Carlisle, Cumbria, CA1 1HP. Registered in England & Wales, No. 1998376.

The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.

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The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK.

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The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

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