UTC (UK) Pension Scheme - Member Newsletter 2023

Join the dots to retirement For many people, retirement is no longer a finite

date, but instead marks a progression to a new way of life that for some can include part-time working or even a complete career change in later life. Review how much money you’ll need If you’re not sure how much you’ll need, you’re not alone. Happily, the Pensions and Lifetime Savings Association has researched how much income people need each year in retirement to have a minimum, moderate or comfortable standard of living. These are today’s amounts (and were updated recently to take account of the current high cost of living), but to have the same spending power when you retire, you’ll also need to allow extra for future inflation. You can use this as a guide to see if you’re on track.

For a single person

For a couple

minimum covers all your needs with some left over for fun moderate more financial security and flexibility comfortable more financial freedom and some luxuries







To find out more, visit www.retirementlivingstandards.org.uk

Don’t forget your State Pension Most people will be eligible for some State Pension, based on their National Insurance record. You need at least 10 years of credit to receive the basic level – and, if your retirement income is very low, you might also be able to apply for a top-up called Pension Credit. Pension Credit is useful because it helps unlock many other benefits – for example, a free TV licence. The State Pension Age has been under review in recent years, so the earliest you can claim yours will depend on the year you were born. You can find out what your State Pension Age is at: www.gov.uk/state-pension-age or call the Future Pensions Centre on 0800 731 0175.

Where can you save money? If you’re on a fixed income, it makes sense to save cash where you can. If you’re married or in a civil partnership, you might want to check if the marriage allowance would reduce your (or your partner’s) tax bill. This is where the non-taxpayer can transfer 10% of their personal tax-free allowance every year to their partner or spouse. This can be backdated, up to four years if applicable. Find out more on the government website www.gov.uk and search for ‘marriage allowance’.


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