If you’ve reached state pension age and are on a low income, you may be able to claim Pension Credit
I’ve had a couple of emails about Pension Credit recently, from women who’d like to know if they’re able to claim it. Pension Guarantee Credit is available to you if you’re on a low income and have reached state pension age, and Savings Credit is paid when you reach 65. Figures from Age UK show that one in three people who are entitled to Pension Credit don’t claim it.
What is an annuity and how does it pay an income in retirement?
When you retire, depending on the type of pension you have, you may have to buy an annuity. What is it and how does it work?
If you have a pension where the amount you receive when you retire is not linked to your salary, then you have a choice about how you access the money in your pension fund. You can take up to 25% as a tax-free lump sum, but for most people, that means buying an annuity with the rest of the fund. This article explains the basics of what an annuity is, how you buy one and what it does.
If you’re travelling around the UK or abroad, what discounts can you get as a pensioner?
Bus, train and underground discounts are available, and you may be able to get cheaper entry to museums and attractions.
If you’re considering a trip in the UK or going further afield, it’s worth knowing what discounts you may be entitled to if you’re retired. You can save money on rail fares, bus fares and – often – on entry to museums and other attractions as well.