The good news is that we’re all living longer, although that does mean that we may have to pay for long retirements.  The basic state pension is a start, but it’s not likely to be enough to give you the standard of living you want. 

We should all consider having our own pension. Whether that’s through your employer, a personal pension, or both, is up to you.

Because the government wants us all to save for our retirement, they’ve made pensions tax efficient. This means that currently, for every £80 you put in, the government will add in a further £20. And, if you’re a higher rate taxpayer, you’re currently able to reclaim up to a further £20 of tax relief, when you complete your tax return (which does not get added to your pension fund).

Tax legislation may change in the future.