Retirement guides
Explainers for United Kingdom, with named sources and checked dates where available.
All 5 guides
Explainer3 min
Contributions to a registered pension scheme attract tax relief at your marginal rate. The annual allowance caps the tax-free contribution at £60,000 for the 2026-27 tax year, and a tapered allowance applies for high earners.
Source: HMRC, Tax on your private pension contributions · Checked
Explainer1 min
The full new State Pension rate is a published weekly amount, not a promise of an individual award. The National Insurance record and transitional history affect entitlement.
Source: DWP, Benefit and pension rates · Checked
Explainer2 min
State Pension age depends on date of birth. The legislated rise from 66 to 67 is phased across birth-date bands, with intermediate ages expressed in years and months.
Source: DWP, State Pension age timetable · Checked
Explainer2 min
Guarantee Credit tops up income rather than paying the standard minimum as a flat award. The published weekly minimum differs for a single person and a couple.
Source: DWP, Benefit and pension rates · Checked
Explainer2 min
The pension annual allowance taper uses separate threshold-income and adjusted-income tests. Relevant salary sacrifice reductions are added back when threshold income is measured.
Source: HMRC, Tapered annual allowance · Checked