Deferring your state pension; how much extra will you get
The government has announced it will pay people a lot less to defer their state pension after April 2016
You can be paid your state pension from the date you reach state pension age, but you don't have to take it then. Instead, you can defer it. At the moment, you get an extra 10.4% for every year that you put off taking your state pension, or you can get a lump sum. The government has just announced that for people reaching state pension age in April 2016, they'll get less.
Budget changes to pensions - you'll have more freedom to take money from your pension and will get guidance
If you retire after April 2015, you may be entitled to free guidance on pension options and don’t have to buy an annuity
If you retire after April 5th 2015, you may qualify for free and impartial ‘guidance’ on what you can do with your pension. Also from 6th April 2015, people in workplace ‘defined contribution’ pensions (i.e. not final salary type schemes) and those with private pensions can take money from their pensions. Only people who are in workplace defined contribution or who have personal pensions can get the free guidance.
What’s in your pension? Understanding default pension funds.
If you have a workplace pension linked to the stock market, it's probably invested in the default fund.
Over three quarters of people who have money in stock market linked pensions via their employer (which may be called a 'defined contribution' or 'money purchase pension) invest in what’s called a ‘default fund’. It's basically the fund your money ends up in if you don't actively choose to invest in somewhere else. Default funds vary widely from pension provider to pension provider. Some invest in nothing but shares while others are much less risky.