Still get state pension ??

stysall

Hi there,

These are probably stupid questions to ask but here goes....... I am looking to take out a stake holder pension with the Halifax.

I am 37, how much should I be looking to put into it each month retiring at 65 ??

I am wondering if I would still receive the State pension as well as the private one and would it still be the same entitlement. And would I still be able to get pension credit.

Thanks for your help.

margaretclare

To take your questions in reverse order, no one knows whether pension credit (a means-tested benefit) will still exist by the time you come to retire 28 years from now.

State pension however, is likely to exist, and this does not depend on your stakeholder, but depends on your National Insurance contributions.

My own view is that you should put in as much as you can afford, so that your stakeholder pension can build up over 28 years. 'How much' - well, no one can tell you that either. Remember that, under present rules, you're getting a tax addition to your stakeholder, e.g. 20p tax is added to every 80p you put in, making £1 to be invested.

HTH

EdInvestor

There are 2 state pensions.If you get the max from both you will be well above pension credit level. Get a forecast of your likely entitlement here:

https://www.thepensionservice gov.uk

Once you are above pension credit level it is worth making extra savings for retirement to the level of the tax old age allowance of 10k p.a

dunstonh

I am looking to take out a stake holder pension with the Halifax.

Why pick Halifax? I full cost stakeholder with pretty poor quality funds.

At your age, if you need a advice then a personal pension would be cheaper through an IFA.